What is the right amount of government intervention in the American economy? That is the question.
China manages its economy from the halls of the Beijing communist government’s headquarters. Yet the communist government, unable even to assure people of basic safeties like pure and untainted food, often blames other “criminals” that they themselves are unable to deter, prevent or defend against. Even today, China wants Western nations to clean up the environmental disaster that is China today: despite the fact that China’s communists have gotten unbelievably wealthy by ignoring the environmental lessons learned in the West for decades.
Personally, the fact that China’s ground water is now polluted to a degree of about 90% doesn’t sound like an issue the West should have to deal with: the Chinese communists have allowed filth to proliferate and now they live in filth. Corrective action is up to them.
Above: A policeman stands gaurd amid the smog in Beijing’s Tiananmen Square one month before the Olympic Games started this summer. Photo: Reuters
So we know, or should know, that too much government intervention may not be a good thing. Judging from the vast number of pages of our Tax Code and the fact that even smart accountants often have to consult “outside experts” to figure their own taxes, my faith in the U.S. government’s ability to manage the economy and my life is, let us say, tenuous…..
This brings us to the “blame game” of the American and global economic and financial meltdown. Russia blames the U.S. But nobody who got rich due to the lavish practices of spending and lending seems to have been taken to account. They got rich and they got away.
It might just be me but I believe in accountability — which seems to be gone in our modern society.
Who paid for the economic meltdown?
Apparently: you and me.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” Barney Frank, quoted by The New York Times, said this on September 11, 2003. Had appropriate action been taken then perhaps we woulnd’t be in this mess.
Above: House Financial Services Committee Chairman Barney Frank listens during testimony before the committee in a hearing on ‘the Future of Financial Services Regulation,’ on Capitol Hill, October 21, 2008.(Mitch Dumke/Reuters)
Republicans generally want less regulation. Democrats generally want more. That is the crux of the issue, as I see it.
And there is already at least some government involvement in the U.S. economy, as Walter E. Williams points out, (see link below) thanks to the Congress, BATF, CAA, CFTC, CPSC, DEA, EEOC, EPA, FAA, FCC, FDA, FDIC, FEMA, FERC, FRB, FTC, INS, IRS, NHTSA, NIH, NLRB, OHSA, SEC, the Departments of: Health and Human Services, Housing and Urban Development, Interior, Education, Commerce, Labor, Agriculture, Transportation, other federal agencies, and etc…..
Capitalism, fiscal woes; contempt for economic liberty