Here’s a link to an excellent article on the House’s approval of the Senate healthcare bill, Breaking Trust with America, written by Grace-Marie Turner of the Galen Institute.
Category Archives: Economy and government
The crazies are in charge — let’s make it temporary
The Democrats appear poised to approve their health care agenda despite opposition by a well-informed public, including, incredibly, losing the late Senator Kennedy’s seat. This could be the most arrogant exercise of raw political power in the country’s history.
Representative Devin Nunes (D, Cal.) has aptly pointed out that “the crazies are in charge.” The health care bill is bad, but what it shows about the Democrat leadership’s view of legitimate governance is worse.
The crazies are in charge, and the United States is in deep trouble. Forty-three percent of U.S. “tax filers” now pay no or negative income taxes.  Core Democrat voters represent at least 40 percent of people who vote. Neither number is likely to go down.
There is no assurance that economic growth will rescue us and our children from the fiscal mess we have created. It’s time for people who pay income taxes and reject increasing government control of the economy to recognize the big picture, and that there is little room for error. The American Dream is at stake.
American voters made a disastrous mistake in 2008. They have a chance to start correcting that mistake in 2010. The path forward is clear: (1) elect people who believe in limited government in 2010, (2) repeal key features of the healthcare legislation and enact market-oriented reforms in 2011, and (3) defeat Mr. Obama in 2012.
People in the center and right of center who are not engaged in the political process need to wake up and recognize what’s at stake. Those who are awake need to contribute money and time, vote, and energize friends and neighbors to do likewise. If not, the future will not be pretty.
Reappointment of Ben Bernanke
The reappointment of Ben Bernanke as Chairman of the Federal Reserve punctuates a sad period of U.S. monetary policy and financial regulation. Mr. Bernanke endorsed and continues to defend policy that kept interest rates too low too long. In part under his stewardship, the Fed failed to recognize or take steps to mitigate the housing bubble. It then failed to anticipate the severity of collateral damage when the bubble burst. Mr. Bernanke participated in the incoherent policy of rescuing Bear Sterns, letting Lehman fail, and bailing out AIG, ultimately extending “too big to fail” beyond any previous bounds.
Praise of Mr. Bernanke for allegedly having prevented another Great Depression exaggerates the possible role of any single person and underrates his mistakes. Once liquidity evaporated, the Federal Reserve and Treasury guaranteed everything in sight. While Mr. Bernanke may be due praise for some or even many decisions made under enormous pressure, he should neither have sought nor been rewarded with another term — simply as a matter of principle. His reappointment reflects Wall Street support, fear, and hubris.