Sins of Our Leaders, Profits of the Commons
This is probably going to cause some howls in some quarters. I don’t give two twits about Obama’s ‘evolution’. First because if somebody wants to do it with someone else have at it. Just don’t push an agenda which I do have a problem with. Second, like everything else Obama’s does he did this for the money. He garnered a cool $1m in a couple of hours doing so. The Church (all of them) better watch out though. This swing of events could turn into a Norway type situation vis a vis homosexuality in the public square.
But that is a sideshow folks. The real issue is two intertwined bigger issues. A) The Fed – Wall Street alignment and B) the failure and underreach of Congress.
The Fed: There are a lot of nits one could pick from. However the core issue once distilled is the socialization of private failure as public debt but profits remaining private. Once the Politicios believed that a Broad St wipe out meant financial amageddon the die was cast. TARP released the barrier and as a result companies like GM, Sachs, BA and others partook of the spoils.
Now the out cry was that many of the finanical instituions were ‘Too Big to Fail’. OK. But it stands to reason that if an institution is too big it fail then it should be deemed too big to exist. A nudge should have been supplied by the Govt to the offending instituions to start divesting under their own power with the understanding that antitrust is available if they don’t. Where we at? Those self same institutions are even bigger and nearly just as vulnerable as they were in 2008. Which brings us to —
Our Leaders: That we stand nearly the same place as we did in 2008 is a failure of Leadership. Other than Paul, Ryan and a few others the balance have decided it is better to receive from Caesar their talons of gold than replow the fields and permit new shafts of wheat to take hold in the financial sector. Their failure is our failure.
Yet the these self same leaders also have the mentality of the profits of the commons. Ever notice that the Pols always stand beside two pillars? On the one that check you just wrote to the IRS is THEIR MONEY. The other pillar being that the debts of the govt are YOUR DEBTS. We need to point out to the Pols that there is no public debts to which I must subscribe. No one has come to us to sign a mortgage agreement. I say that to make the reader realize that when the SHTF you will be on your own. We are past the point that if we taxed everyone 100% of all income for the year to be able to pay off the national debt. The current debt on and off books exceeds the GDP of the country.
But even this monumental as it is pales in comparison to Congresses real failure. That is its assertion as being the top banana in the Constitutional order. There is a reason that the Executive is in Article II of that document. It was deemed the caretaker of the land not its master. But Congress since WWII has been ceding vast tracts of its power to the Executive. Just consider recent legislation. A good deal of it leaves to the Executive the how and means of execution of the Laws passed. That is followed by signing statements from the Executive in how they interpret the law. Which is our first clue as to how bad the law was written. If it takes ‘clarification’ from one branch to another then its a bad law.
Or lets take the case of laws with sunset dates. Not that its a bad idea. The whole TARP thing for example. It should have a sunset date. It was emergency legislation. But how about VAWA? Here is a law that can land a spouse in jail without due process, abridgment of civil rights and loss of income. Yet… If Joe slapped his wife around two years ago he’s in jail, federal felony. Johnny who commits the same act next year only gets a misdemeanor charge. (Provided VAWA is not reupped.) Talk about miscarriage of justice. The legislative branch would consider this a none issue. The reality is if a piece of legislation is intended for only a short period maybe it should be reevaluated as to whether it is needed at all. Those sort of enabling acts cause more problems than they solve.
The final blow is the mentality that Politicians have to ‘Do Something!’. I would be willing to pay double for them to sit on their asses and do nothing. The tip off that much of what goes for legislation is the moniker ‘His signature legislative act of his career’. We’re talking law here folks not a block buster movie. It is a lack of humbleness to think in such terms.
That ladies and gentlemen leads us to the hubris of vanity and failure. We are just about there.