Obama’s Twisted Rhetoric

Nice op-ed from the Ayn Rand Institute: Misrepresenting “How We Arrived at This Moment”:

What must be done to recover from this financial crisis? Barack Obama rightly stresses that we first must understand how today’s problems emerged. It is “only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament.”

Unfortunately, Obama (along with most of the Washington establishment) has created only misunderstanding. In calling for a massive increase in government control over the economy, he has evaded the mountain of evidence implicating the government.

For example, Obama’s core explanation of all the destructive behavior leading up to today’s crisis is that the market was too free. But the market that led to today’s crisis was systematically manipulated by government. Fact: this decade saw drastic attempts by the government to control the housing and financial markets–via a Federal Reserve that cut interest rates to all-time lows, and via a gigantic increase in Fannie Mae and Freddie Mac’s size and influence. Fact: through these entities, the government sought to “stimulate the economy” and promote homeownership (sound familiar?) by artificially extending cheap credit to home-buyers. Fact: most of the (very few) economists who actually predicted the financial crisis blame Fed policy or housing policy for inflating a bubble that was bound to collapse.

Read the whole thing.  My only quibble is that the piece doesn’t go far enough in pointing out Obama’s real intent: to gain control over the American economy. It’s hinted at here:

But it is not genuine understanding the administration seeks. For them, the wisdom and necessity of previous government intervention is self-evident; no matter the contrary evidence, the crisis can only have been caused by insufficient government intervention. Besides, they are too busy following Obama’s chief of staff’s dictum, “Never let a serious crisis go to waste,” by proposing a virtual takeover of not only financial markets, but also the problem-riddled energy and health-care markets–which, they conveniently ignore, are also already among the most government-controlled in the economy.

For me, though, that’s not quite strong enough. I liken this to a bloodless coup, or a non-violent (at least, not explicitly violent) takeover. To me, it’s like a fascist version of the Bolshevik Revolution, only conducted behind a veneer of new laws and regulations that hide the truth of the power grab.

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