“I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win – and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind … The word [is] ‘No.’”
- Ayn Rand, Atlas Shrugged
Last week I gave my take on the trillion dollar “stimulus” package Obama and the Congressional Democrats shoved down America’s throat – that 1100+ page leviathan that no one read before it was voted on. I warned that the “Keynesian” policies it supposedly reflected were long-since discredited, that it would throw us more deeply into economic chaos, that this was deliberate, that it was little more than a thinly disguised effort to socialize the entire American economy, and that one need only read 80 years of communist and socialist theory to see it for what it was.
Just one week later, what has happened? The markets reacted to the signing of the bill by falling over 300 points. Obama announced yet another multi-billion dollar “bailout” – this one allegedly for homeowners who have defaulted on their mortgages (and this despite a 40-60% redefault rate!). $75 billion for them, and $400 billion for who? Fannie Mae and Freddie Mac, the quasi-government entities that deceptively repackaged and sold the worthless mortgage-backed securities (under pressure from special interest groups) that set this economic collapse in motion. And now the government is talking about nationalizing the banks.
Obama’s shills like to point to his poll numbers as proof of public support. Garbage. The markets – the only “poll” that matters – fell to a twelve-year low yesterday. They drop every time this guy opens his mouth. At this rate, by the end of Tuesday’s State of the Union address, we’ll be the Weimar Republic.
Laura Hollis is an Associate Professional Specialist and Concurrent Associate Professor of Law at the University of Notre Dame, where she teaches entrepreneurship and business law. She is the author of the forthcoming publication, “Start Up, Screw Up, Scale Up: What Government Can Learn From the Best Entrepreneurs,” © 2014. Her opinions are her own, and do not reflect the position of the university. Follow her on Twitter: @LauraHollis61.