City Journal Summer 2014

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Summer 2014
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Nicole Gelinas
Greed Is Not Good « Back to Story

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Isn't this laissez-faire approach exactly what we tried from 1979 to
2007, when inequality shot through the roof, according to the CBO?

NO! What we had is government interference into free markets and when government interferes it distorts the market and bubbles are created and popped. Take Fannie and Freddie with all their just sign here and own a home loans for instance. It created a boom as homes were in demand and put a lot of people to work building them but it was a bubble bound to pop because it was created by government forcing banks out of time tested loan standards the community organizers like Obama called racist. You know its racist for a bank to require good credit, 10-15% down and ability to pay loan with one week's pay etc...

Many people want to blame Wall St and the removal of Glass-Steagall but the fact is if that never happened there is still a banking crisis because of sub primes loans banks were forced to come up with by government that were based on the economy.

And another thing to consider is that if all those loans that were packed and sold were time tested loan standards before the government interfered then the Glass-Steagall thing wouldn't have mattered much because they would have been responsible loans where mortgages were paid regardless of slowing economy.

Pols like to have it both ways. For example Democrats are demonizing banks for not making small business loans yet require banks to have more cash on hand before making them. Dodd/Frank did that and did not address the F&F problem. Another example of government interfering into free markets is the Durbin Tax banks are now charging for debit card use. Example: Walmart and banks willfully agreed that Walmart will pay pennies per purchases using debit cards so banks didn't charge you the customer to cover their processing cost. The Durbin Tax removed that and now banks have to charge you $5.00 a month for your debit card whether you use it or not to cover the cost while Dick Durbin demonizes banks for charging that fee he forced them into charging.

Pols love to have both ways and its the same thing with the 70,000+ pages of tax code where pols are demonizing companies they tax for raising the cost of their product or service after pols raise their cost through higher taxes. Pols know those cost are always passed onto the consumer but its a win/win for them because they can then demonize the companies.

Herman Cain's 9-9-9 plan gets rid of all those hidden taxes and loopholes within the 70,000+ pages of tax code lobbyist lobby them to change etc... and when implemented 9-9-9 will result in an economic boom with cheaper products because companies will evaluate their bottom line with the money they save and lower cost trying to steal consumers from their competition. Competition is always good for the consumer and this is exactly why big corps lobby for taxes and loopholes that'll hurt their small business counterparts and exactly the reason we need a Main St President not a Wall St POTUS like Obama has been or Romney will be.

Basically at the root of the problem with the mortgage crisis is this noble but misguided idea that everyone deserves to own a home. Its not true! You deserve to ow a home when you can meet the free market standards for getting a loan. To pretend as pols do that banks want to loose money on their loans and need a bailout is nonsensical.
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Compared to any of the legislators in Washington, the worst of the Wall Street crew are saints. As my father used to say to me back at the height of the cold war, "Our enemies aren't in Moscow; they're in Washington." His contemporaries and he knew this as far back as the mid-seventies.

Why haven't we learned this yet? Will we ever learn it? If the current President, who is the worst in my lifetime and maybe the worst in our country's history, comes close to being re-elected, instead of being driven from office in disgust and disgrace, what hope is there for our country?
Might be good. Has the right actors. But, I think there is more to the story. How is it that this environment with these choices presented itself to these really just ordinary men who would have been replaced by ordinary men with different faces had they not chosen to do what they did? I think the idea is that it is the combination of Politics and Money and 'laws' or changes to tax codes none of us know about that is the real problem. This movie seems to make it a personal choice issue, personal morality. But, that seems to be picking up the real story late in the game. By then, it didn't matter. A corruptible system was corrupted. Gee, what is new?