Wednesday, September 17, 2008

Political correctness and the Liberals caused the sub-prime crisis


Already there are those on the left trying to blame the sub-prime crisis on capitalism and George Bush.
Michael Cullen is trying to blame John Key too.
But before we take this as gospel, let us look at the wider issues.
It seems that under pressure from Democratic legislatures, the banks were encouraged / forced to relax their lending criteria to people who could not really afford mortgages.
In other words, government and leftist philosophy was behind the crisis.
So before we all jump to conclusions to fit our own prejudices, here is a raft of reading matter to help us all decide.
The UK-based Adam Smith Institute discusses the matter here.
The ElectEcon blog, as recommended by Rodney Hide, covers similar ground.
Here's a lively column from the New York Post that looks at 'the real scandal' written by economist Stan Leibowitz also fingering political correctness.
And more recently, the American Thinker looks at the bail-out of Fannie and Freddie.

10 comments:

Anonymous said...

It was the repeal of the Glass-Stenglass act that started this mess.

Repealed by: William Jefferson Clinton & a democratic congress.

All this proves one thing:- in the US, the UK, and especially here: Lefty parties must never be allowed to govern Western countries

There is room for legitimate political discourse, dispute, and conflict of opinion. There is no room for personal corruption. But there can be absolutely no room whatsoever for leftism, unionism, socialism - it simply destroys whatever it touches.

Redbaiter said...

Damn right. The idea that this is an outcome that can be sheeted home to those who advocate for small government and individual responsibility and minimal regulation is so far detached from reality it suggests that those who would make the claim are insane.

If people like Nancy Pelosi and Psycho Milt would just get the damn hell out of it, and cease seeing big government as the answer to every damn thing they ever perceive as a problem, and curb the psychological insecurity that drives them to pursue the holy grail of "equality", then these things would be a lot less likely to occur.

If the right share any responsibility for this it is because they have been too weak, and under pressure, have taken on too many ideas of the left. As I have said so often, its time for the so called right to cease giving so much ground to the left through political correctness and pseudo liberalism so many other fads and trends that have weakened their political resolve.

If the right were the right, the left wouldn't stand a snowball's chance in hell. Its time to stand up, and stop giving ground to the propagandists, the liars, and the madmen of the left.

Those on the so called right who have so weakly surrendered to the left over the years need to be named and shamed. Shipley, Bolger, Bush, (both) Fraser, Howard- they're all traitors and appeasers. Not one of them had the balls of Sarah Palin, who is in reality nothing great herself. Just your average Conservative. The thing is, she's a good starting point to getting back to where we should be, and that is completely free of the overpowering influence of creeping communist idiots like Pelosi and Milt.

If we can do that, and then there's a financial crisis, I'll wear it. I'll take responsibility without hesitation. Right now, its outrageous that these liars and cheats and cronyists and political fools are pointing the finger. Its their damn doing. Without a doubt.

Ackers said...

Gosh. Bush AND Howard, appeasers , traitors and captives of the liberal left and big government!!!

Poor old Sarah. Left to carry the weight of conservative hopes on her big butch shoulders.

But this ladies not for turning. Mark my words, she'll carry the day.

Spam said...

It was the repeal of the Glass-Stenglass act that started this mess.

Can you please elaborate? I could not find any reference to an Act of that name (or even 'stenglass')

James said...

typo. Glass-Steagall

Clunking Fist said...

ackers:
"Gosh. Bush AND Howard, appeasers , traitors and captives of the liberal left and big government!!!"

Yep, and now National, too. We get the gummints we vote for. Gummints get the voters they buy.

Anonymous said...

Well done No Minister.
I think yours is the only blog to post such worthy readsing on the PC / liberalism subject.
However, Not PC had some decent commentary on the subprime issue today.
Can't say I've read Adam Smith at the Inquiring Mind yet.
But he should be good.

Anonymous said...

pdq

Ackers said...

That leaves community activists as the last men standing then which must mean Obama is the only one who can save us!

Thought as much.

Ackers said...

Actually I got a better idea. I hear Sarah is going to meet some 'world leaders' at the UN next week.

I reckon she should throw down the gauntlet and demand some of that wealth those poxy socialist countries like Russia nad China have been flaunting lately.

I mean it's just not fair that a great country like the US shoudl be in hock to a socialist country like China.

I reckon Sarah should go in all guns blazing demanding reparations for all that money they been screwing out of us.