Sadly, far too many Americans are apparently oblivious to the magnitude and peril of this systemic assault. They are also obviously unaware that the constriction of economic freedom will necessarily result in a constriction of political freedom. When the government, instead of the free market, picks winners and losers, it exercises coercive power in employing its value judgments. If it has a prejudice against capital and favors labor, its decisions will reflect those biases, at the expense of the rule of law.
We've already seen this with the White House's strong-arming of GM creditors, using threats and intimidation to force a major shift in ownership and control from disfavored (business) groups to favored (labor) ones. Thomas Lauria, attorney for creditor Perella Weinberg Partners, blew the whistle on the White House's totalitarian threat to destroy his client's reputation unless it accepted the administration's Chrysler-restructuring plan to give the United Auto Workers 55 percent of the company. Other creditor representatives have told similar stories. One described the administration as the most shocking "end-justifies-the-means" group he has ever encountered. Another said, Obama is "the most dangerous smooth talker on the planet -- and I knew Kissinger."
The White House, of course, denies the charges -- as if it's remotely conceivable it would admit them if they are true -- but we all saw Obama directly single out and publicly demonize the firms, such as Perella Weinberg, that wouldn't roll over to his demands.
Folks, this is just a small taste, a foreshadowing of what we can come to expect from an administration that has already decided who should be the winners and losers and has undertaken a comprehensive agenda to "right the wrongs" -- and even the score -- by using the capricious power of government to radically redistribute income and wealth in this nation.
Obama promised to lower taxes on all but the top 5 percent of income earners, but his policies make that impossible. He is dramatically increasing our national debt, which will require massive tax increases on all producers in the long run. Likewise, the very allocation of his "stimulus" spending is, in itself, an exercise in income and wealth shifting.
But it's not just through preferred spending, income tax increases, his mortgage default bailout bill, his union-favoring restructurings, and venture capitalist purges that he'll redistribute income and wealth, guaranteeing long-term economic despair for all. He also seeks to implement Social Security means testing and nationalize health care. He'll pass his cap and trade bill, which is a complete farce in terms of reducing carbon emissions but a cinch lock to extort wealth from corporations. He'll increase capital gains tax rates, place caps on executive salaries, and punish energy players he detests and favor those he prefers.
Call me an alarmist, but we are witnessing the beginning of the most frightening period of government tyranny in our nation's history.
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