Category Archives: Free Markets

A Beautiful Neoconservative Mind

Debt, Economy, Federal Reserve Bank, Free Markets, Media, Neoconservatism, Republicans

The question, I guess, is rhetorical. Still, why does Frontpage Magazine describe Steve Moore, of the War Street Journal, as “One of the country’s sharpest economic minds,” who can “explains how conservatives can save America from left-wing destruction”? This introductory blurb is on the front page of FPM, today, April 2.

Here’s how I introduced this beautiful neoconservative mind on BAB, starting in 09.30.08:

Stephen Moore authored a book paradoxically titled Bullish on Bush: How the Ownership Society Is Making America Richer.

Yes, Bush was a bailout bandit”: “Bush’s ownership society, built as it was on quicksand, quickly metamorphosed into the bailout society.”

Bush lobbed his financial WMD first by nationalizing the heavily socialized Fannie Mae and Freddie Mac, another formality. …
Buried in Bush’s blather was a tacit acknowledgment that government’s deep infiltration of the mortgage and homeownership markets encouraged a laissez faire attitude toward lending and borrowing.
“Because [Fannie and Freddie] were chartered by Congress,” confessed Bush, “many believed they were guaranteed by the federal government. This allowed them to borrow enormous sums of money, fuel the market for questionable investments, and put our financial system at risk.”
Fannie and Freddie’s “charter” partners Bush exonerated.
Moreover, nowhere did Bush come clean about the continual expansion of credit by the Central and commercial banks. Loose monetary policy has caused interest rates to fall below the natural market rate, and had precipitated an artificial stimulation of economic activity reflected in the colossal malinvestment and misallocation of resources witnessed in the housing market.
The Bush government—and previous administrations—had eliminated the risks of mortgage lending. The subprime fiasco, in a nutshell, was a consequence of extending credit to the un-creditworthy, chief of who were minorities. “The Diversity Recession” is how VDARE.com commentator Steve Sailer has aptly dubbed the mortgage misadventure.
You had the Federal Housing Administration (FHA) colluding with the U.S. Department of Housing and Urban Development (HUD) to provide taxpayer-subsidized home loans to illegal immigrants, no questions asked.
You had the 1974 Equal Credit Opportunity Act, the 1975 Home Mortgage Disclosure Act, and the US Fair Housing Act are—all arrows in the quiver of the federal government and the Department of Justice, aimed at forcing banks to throw good money after bad by lending it to those with low credit ranking. Mainly minorities.
Under the guise of remedying (alleged endemic) root-and-branch racism, the State [under Bush] had legislatively removed the risks of mortgage lending, thus precipitating the housing bubble.

Magnificent mind Steve Moore wrote an entire book in praise of Bush’s role in that kind of “ownership.” Will anyone ever make Moore own that?

Being Establishment means never having to say you’re sorry (or atone for your mistakes).

Balderdash From Berkeley: Taxing Email To Fund Your Local Post Office

Free Markets, Government, Regulation, Taxation, Technology

Given a choice, why would you want to fund the United States Postal Service?

CNN: “A city councilman in Berkeley [where else?], California, floated the idea of taxing emails as part of a broader Internet tax that could be used… to fund your local post office.”

MATT WELCH, of REASON MAGAZINE:

This is like taxing, you know, horse and buggies or taxing cars to keep horse and buggies business. Why are we taxing the great new thing so that we can prop up the bad old thing? It’s completely backwards.
It’s — I mean, the fact that it’s coming in Berkeley, which is not a punch line, it’s the home of the free speech movement 50 years ago, for crying out loud. And we’re going to put a punitive tax on one of the greatest free speech instruments in our lifetime. It’s absurd and sad.
…there’s a thing called an e-mail filter. I mean, I don’t know what you use, but I haven’t seen my cousin from Nigeria e- mail for more than a year simply because there is a spam filter that works, a spam filter that no government gave me, no tax created, no bureaucrat. …
The government is not a jobs program. It just isn’t. It shouldn’t be, rightfully so. And so, the fact that Congress won’t allow a single post office to shut down is part of the problem. If you lift the mandate and open everything up to competition, it would be a much different story.

REIHAN SALAM of National Review:

We have these amazing things called private companies that have actually mostly solved this problem. These days, most of unsolicited mail you get goes into a spam folder and those services are getting better and better over time. … Already people are migrating from one technology that becomes crappy and clogged with spam to another technology. …What the post service does now, the bulk of what they send is what I like to call physical spam which is actually worse for the environment. It’s rather unpleasant and now the postal service is saying the federal government has undermined them by saying they’re saying we have to adequately fund our pension, that’s crazy talk.
And so postal employees are funding ads on my television that are visual spam that are telling us this is some grave injustice they should fund these crazy pension obligations they have built up over years. …
But I don’t see every other industry should have to subsidize postal carries, because they are struggling [and can] use those resources to provide innovative new services.

Read “Warning: Postal Worker Coming to A Clinic Near You” for my “seven-year saga” with the local post office worker’s “sadistic displays of power, honed in a state monopoly, where captive ‘customers’ are pinned down like butterflies by ‘service providers.’ The discretion left to these petty tyrants is wide; fear of being fired minimal, if non-existent.”

The Rise of The Cr-ppy Chris Christie

Ann Coulter, Celebrity, Economy, Elections, Ethics, Free Markets, IMMIGRATION, Morality, Pop-Culture, Private Property, Republicans

“The Rise of The Cr-ppy Chris Christie” is the current column, now on WND. Here is an excerpt:

“Chris Christie’s problem is not his weight, but his character. New Jersey’s popular Republican governor is the consummate backstabbing, slimy, opportunistic politician, who, for good measure, also preaches and practices the dirigiste economics of an Obama (and a “W”).

Gov. Christie is in the news a lot lately, which is just the way he likes it—and the way he has planned it. To say that Mr. Christie hungers for the plum post of US president is a redundancy on par with, “Is the Pope Catholic?”

The governor is no boob, but he knows how to handle boobs, a requirement of public office. And one crucial question Booboos Americanus asks himself when electing a president is whether he’d like to knock back a Guinness with the candidate. A doughnut is as good as a beer.

So on the “Late Night Show” went Christie for a cameo. There he squeezed into a studio seat too small for his girth and humored the hubris sitting opposite him, while scarfing down a doughnut.

Befitting a nation that considers wisdom and intellect as liabilities—cretin celebrities will carry the day in the 2016 presidential run, as they do today. Visibility on late night TV is a requirement of the highest office.

Launched by the Queen of Kitsch, day-time talker Oprah Winfrey, Barack Obama has normalized the cultural carnival that sees a president cavorting with dummies like Dave Letterman and the ladies of “The View.” He now sits at 1600 Pennsylvania Avenue, where Chris Christie would dearly like to plunk his keister.

Like his predecessor, the next president will need the imprimatur of entertainers with canonical status. “The road to the White House goes through this chair,” a semi-serious David Letterman warned Republican presidential pick Mitt Romney. Romney had flouted the Letterman commandment. Where is he today? On the ash-heap of history.

Another chrysalis within which the American presidency takes shape is the liberal media. And it loves Chris Christie, holding him up as a paragon of the rudderless Republican the GOP ought to be running.

This wasn’t always the case…”

Read the complete column, “The Rise of The Cr-ppy Chris Christie,” now on WND.

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UPDATED: Multiculturalism & ‘The 18th-Century Levantine Mindset’

Family, Free Markets, IMMIGRATION, Liberty, Middle East, Multiculturalism, Trade

As hard as it is to believe, the “18th-century cities of the Levant” were liberal, libertine and prosperous. The secret to the successful, vibrant life in the Levant is detailed in a book by Philip Mansel, which traces “the story of how first Smyrna (modern Izmir), then Alexandria and then Beirut emerged to prominence, and how they waxed in wealth, power, beauty and influence over the 19th and 20th centuries.”

The Levant then was without the top-down, punitive, forced integration which is the hallmark of the 19th-century nation-state. Enforced across the Anglo-American and European spheres, this integration compels the founding peoples to prostrate themselves before minorities, each and every one of whom is said to suffer from historical wounds and claims to match their eternally suppurating wounds:

The reviewer reveals a thing or two about multiculturalism in these cities.

“The cities of the Levant were never a melting pot of peoples, rather a grid of self-governing communities, enforced by separate schools, places of worship, hospitals, burial grounds, clubs, charities, newspapers and libraries. Internal schisms – between Catholic and Orthodox, between Nestorian and Monophysite, between Sunni and Shia, between Ashkenazi and Sephardim further subdivided the urban tribes of Greeks, Jews, Syrians, Armenians, Turks, Franks and Egyptians. Trade, fame and the pursuit of pleasure alone brought the citizens together, and with it came a natural multi lingualism, so that it was not uncommon for a Levantine family to be fluent in half a dozen languages and scripts, or to use ‘farabish’ a slang-like fusion of Arabic, Italian, English and French. And because the divisions between the communities were so absolute there was a remarkable spirit of tolerance within a Levantine city. Noone felt that their children were in danger of being submerged by another culture and so there was a propensity for sharing, knowing and acknowledging the various festivals and rituals of the different faiths. This arose not out of any interest in a multi-faith fusion, but as neighbours with a taste for being amused by different dishes, street processions, dances and tunes.”

Levantine loyalty structures started with family, then progressed out to ethnic community with a light gilding of urban pride before drifting on outwards via thin personal connections (however faint or imaginary) to other trading cities and the court of the ruling dynasty. Nationalism was startling absent from the 18th-century Levantine mindset, as was any concern, kinship or sense of responsibility for the parochial hinterland. The laboriously constructed contract of 19th-century nationalism – duty, obedience and sacrifice (duty to pay tax, obedience to the heirachy of state servants and readiness to fight for the fatherland) was in almost comic opposition to the Levantine mindset. For the Levantine was a natural free-trader, if not a smuggler, a deal-maker, a tipper of minor officials and a hoarder – who would migrate rather than fight for a distant state, but also perish rather than witness the break-up of family. Mansel creates a mantra to help us translate the smiles of welcome, the immaculate tailoring, the charm and the intoxicating scents of the Levantine: Deals before Ideals, City before State, Trade before Politics.

UPDATE: “Deals before Ideals, City before State, Trade before Politics”: This quote from the review above is especially germane for those of us who champion the locality as the proper repository of conservative loyalties.