Category Archives: China

UPDATED: The ‘Moronizing’ Of Modern Culture

Britain, China, Classical Liberalism, Conservatism, Old Right, Political Philosophy, Pop-Culture, The Zeitgeist

“The French Revolution did not generate only a new politics … Along with the new politics there came a new concept of personhood, a self-caressing egotism … a moral and aesthetic theory based upon sentiment” (p. 122). And relativism too (p. 146). In my experience, this malady affects conservatives and liberals alike in the US. Hierarchy, so essential to ordered liberty, is no longer. Lost is the distinction between men and women of character, and those without it; between adults and youth (the latter are usually elevated and worshiped by ever-errant adults); between experience and a lack of it; between quality in intellectual and cultural products, and its absence. Faction has replaced the fellow-feelings that ought to accompany a shared purpose. Talk to me about what you’ve dubbed the Zeitgeist’s ‘moronizing dialectic.’

This was one of the questions I posed to Prof. Dennis O’Keeffe in the second part of our WND.COM interview, “The ‘Moronizing’ Of Modern Culture.” (Last week’s Part I was entitled “Thomas Paine: 18th–century Che Guevara.”)

Still on the topic of the remarkable “Edmund Burke,” my conversation with Dennis O’Keeffe continues this week on WND.COM. O’Keeffe is Professor of Sociology at the University of Buckingham, and Senior Research Fellow at the Institute of Economic Affairs, “the UK’s original free-market think-tank, founded in 1955.”

The column is “The ‘Moronizing’ Of Modern Culture.”

UPDATE (Oct. 29): Writes Ron S.:

To: imercer@wnd.com
Subject: Please, no more tantalizing via..

…Edmund Burke by Dennis O’Keeffe when it costs $130 at Amazon. Best, Ron S.”

This is why I have resisted a request from an academic press to view my completed manuscript, Into the Cannibal’s Pot: Lessons For The West From Post-Apartheid South Africa. With 800 end-notes, and a considerable level of abstraction and originality that do not compromise its readability—my book more than meets the requirements. However, as Ron has discovered, an academic press prints a few hundred copies and sells them to libraries at prohibitive costs.

I am lucky: the academic friends I approve send me their books; I get them free. I say “approve” because I never bother with boring second-handers, writing unoriginal stuff; with topics I do not care for. Nor do I bore myself with the works of people I have no time for. I have a passion for Burke. I have no time for “clever” smarmy comments about the man—comments which may or may not be correct. Burke is too important and too neglected in American public life to mess with.

Dennis’s little gem of a book conveys just this sentiment.

Freddie & Fannie Come Calling … Ad Infinitum

Affirmative Action, America, Bush, China, Debt, Fascism, Sarah Palin, Socialism

“Spare some change, please? Forget that. Hand over another $8.4 billion to “Fannie Mae and sister company Freddie Mac.” “The Obama administration,” reports “My Way,” had “pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.”

This via Jeff Tucker, in case you forgot who and what contributed to this affirmative-action driven downturn, here’s a New York Times’ story from 1999:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans….
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

Back in 2008, some analysts had quipped that only North Korea and Cuba were more socialist than the US in the wake of the Fannie and Freddie bailouts. This space has regularly excoriated Republican hacks for referring deceptively to our cherished “American freedoms.” (Also see BAB’s “Fascism Rising” series of posts.)

As Jim Rogers pointed out, you have a free market in housing in China. If you watch this clip, be reminded not only of Bush socialism, but of the socialism of Palin, “Bush In A Bra.” Rather than shutting F&F down, a solution to which Repbulicans are now paying lip service, Palin wanted to fine tune the mortgage miasma; make it smaller and smarter.

I would add that, as a prelude to the discussion of our economic woes, it has become fashionable for commentators to condemn socialism for the rich; this makes one look benevolent. As execrable as corporatism is, it is no reason to ignore the massive wealth transfer from taxpayers to the poor in the context of F & F, a commitment that has contributed immeasurably to the economic meltdown.

Freddie & Fannie Come Calling … Ad Infinitum

Affirmative Action, America, Bush, China, Debt, Economy, Fascism, Sarah Palin, Socialism

“Spare some change, please? Forget that. Hand over another $8.4 billion to “Fannie Mae and sister company Freddie Mac.” “The Obama administration,” reports “My Way,” had “pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.”

This via Jeff Tucker, in case you forgot who and what contributed to this affirmative-action driven downturn, here’s a New York Times’ story from 1999:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans….
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.

Back in 2008, some analysts had quipped that only North Korea and Cuba were more socialist than the US in the wake of the Fannie and Freddie bailouts. This space has regularly excoriated Republican hacks for referring deceptively to our cherished “American freedoms.” (Also see BAB’s “Fascism Rising” series of posts.)

As Jim Rogers pointed out, you have a free market in housing in China. If you watch this clip, be reminded not only of Bush socialism, but of the socialism of Palin, “Bush In A Bra.” Rather than shutting F&F down, a solution to which Repbulicans are now paying lip service, Palin wanted to fine tune the mortgage miasma; make it smaller and smarter.

I would add that, as a prelude to the discussion of our economic woes, it has become fashionable for commentators to condemn socialism for the rich; this makes one look benevolent. As execrable as corporatism is, it is no reason to ignore the massive wealth transfer from taxpayers to the poor in the context of F & F, a commitment that has contributed immeasurably to the economic meltdown.

Updated: A Political Takeover Of The Entire Financial Sector? (CHINA)

Barack Obama, Business, China, Debt, Economy, Government, Uncategorized

Writes Robert Bidinotto on Breitbart’s “Big Government” (the proprietor that was infinitely more forgiving about Bush’s big government):

As long as the Democrats continue to control Congress, we’ll have to endure an endless procession of initiatives for the federal government to take over industry after industry. Health insurance and college loans went under federal hegemony with passage of a single bill, known as “ObamaCare.”

Now, a new bill, referred to by the name of its chief sponsor, the ethically challenged Sen. Chris Dodd of Connecticut, aims to consolidate a federal takeover of the nation’s entire network of financial institutions.

As Peter Wallison of the American Enterprise Institute notes:

Does the bill, as [Republican Senate leader Mitch] McConnell said, “institutionalize too big to fail?” Of course. There can’t be any reasonable doubt about this. The bill authorizes the Fed to regulate all non-bank financial institutions that are “systemically important” or might cause instability in the U.S. financial system if they failed. . . .

The market will see immediately that the government has created Fannie Maes and Freddie Macs in every sector of the financial system where these large companies are designated for Fed regulation, including insurance companies, hedge funds, finance companies, bank holding companies, securities firms, and any other kind of financial institution the government wants to regulate. Since these firms will be too big to fail, they will be seen in the market—as Fannie and Freddie were seen—as ultimately backed by the government and thus safer firms to lend to than small firms that are not government backed. This will permanently distort the financial market, favoring large companies over small ones, and eventually force a consolidation of each market where these firms exist into a few large competitors operating under the benign supervision of the government.

In other words, this is another huge step toward fascistic corporatism, completing a de facto government takeover of today’s nominally “private” financial firms. These corporations would be reduced to the status of politically managed public utilities.

Professor Brad Smith of Capital University Law School stressed that latter point to me:

It’s important to note that this is not just about more bailouts, but it will be bailouts for the politically connected and favored. If the President and Congress think you are a “savvy businessman” (which means you support his party) you’ll be in the pink. But if you are a “corrupt Wall Street Titan” (meaning you don’t support his party) well .

Absolutely true. This is not only a federal takeover, but more specifically a political takeover of major financial corporations. Smith adds: “Republicans can rally public opposition if they get this message out there consistently.”

Ah, but therein lies the rub. The Dodd bill faces a cliffhanger vote in the Senate, perhaps as early as next week. And whether it passes in its current form may come down to the vote of a single Republican “centrist,” Susan Collins of Maine, who could thwart a successful GOP filibuster.

The repercussions of this legislation are as significant as ObamaCare. But even some Democrats are wavering on it. It can still be defeated.

I urge you to contact your two U.S. senators today. (And while you’re at it, make sure to send a copy of your message to Sen. Susan Collins of Maine.) Tell them to oppose the pending financial reform legislation, the so-called “Dodd bill.” Tell them it represents “crony capitalism” at its worst, putting taxpayers on the hook for guaranteed bailouts of any and all financial institutions deemed “too big to fail.”

Tell them that this will give unfair market advantages to big, politically connected corporations over smaller, politically unfavored competitors. And that, in turn, will completely distort the financial-services marketplace, creating the false impression that large, government-backed institutions—like AIG, Fannie Mae, and Freddie Mac—are inherently safer for investors and lenders than their smaller rivals. That can only encourage the consolidation of the financial-services sectors into a few gigantic monopolistic institutions, adding to the “moral hazard” problem of rewarding irresponsible businesses at the expense of their responsible competitors.

And you might want to add that we, the voters, will have the last word if power-craving members of Congress continue to imagine that they are “too big to fail” in November.

[SNIP]

Follow the links in Robert’s blog post HERE.

Update (April 19): Glenn Beck’s next milestone will be to quit the ranks of American Sinophobes, who “are fond of saying that the strength of the Chinese economy is derived from that government’s exploitation of its people.”

From “US In The Red And Getting Redder”:

The Chinese are ditching Mao for Milton, as Americans trust Oprah to pick their literature and leaders. Indeed China is changing. It is “out of the red” in more ways than one. The US is changing too: It’s in the red and getting redder. …
China has undergone considerable economic restructuring and market reforms, the consequence of which is a 300 million strong Chinese middle class. Poverty levels have receded from “53 percent in 1981 to 8 percent in 2001. Only about a third of the economy is now directly state-controlled. [Like the US] As of 2005, 70 percent of China’s GDP was in the private sector.” The Chinese financial system is duly being liberalized—banking is diversifying and stock markets are developing. Protections for private property rights are being strengthened as well.