Written by M. Jay Wells
Obama's economic narrative of the mortgage crisis ignores the
facts. He has put free-market capitalism at the root of the current
mortgage industry debacle, denying the real history of government
interference in that market.
On September 15, with banking giant Lehman Brothers filing for
bankruptcy protection, Obama was given the opening to begin weaving
his anti-capitalist storyline. And that he did. Artfully blurring
the mortgage industry crisis with generalized tax policy, Obama
declared,
"I certainly don't fault Senator McCain for these problems,
but I do fault the economic philosophy he subscribes to. It's a
philosophy we've had for the last eight years, one that says we
should give more and more to those with the most and hope that
prosperity trickles down to everyone else."
The words were carefully chosen. That day in Colorado
marked his return to the teleprompter and a strictly refocused
campaign message intent on surreptitiously fusing the mortgage
industry woes and free-market capitalism in general. Confident the
American people are primed for his socialist brand of "change,"
Obama maintained his anti-capitalist theme, "What we have seen in
the last few days is nothing less than the final verdict on an
economic philosophy that has completely failed." According to
Obama, capitalism has been "rendered . . . a colossal
failure."
His chat with a Toledo, Ohio, plumber showcases his socialist,
redistributionist ideology:
"It's not that I want to punish your success. I just want to
make sure that everybody who is behind you, that they've got a
chance for success too. . . . I think when you spread the wealth
around, it's good for everybody."
He had already said as much at an April debate where he said
his plan was to "look at raising the capital gains tax for purposes
of fairness" (after having just admitted that raising the tax would
reduce revenues!). For Obama, increased federal revenue be damned,
tax increases are nonetheless necessary for redistributionist
"fairness."
Contrary to the Obama narrative, however, it is not
free-market capitalism at the root of the current mortgage industry
crisis, but rather the very socialism Obama hawks. The historical
record makes this fact unmistakably clear.
Continue reading "Why The Mortgage Crisis Happened" »
