As Ayn Rand explained so long ago: "When the 'common good' (i.e., social utility) of a society is regarded as something apart from and superior to the individual good of its members, it means that the good of some men takes precedence over the good of others, with those others consigned to the status of sacrificial animals. It is tacitly assumed, in such cases, that 'the common good' means the good of the majority as against the minority or individual."
It seems unfathomable that after a century of constant failure by every "social utility-minded" government on the planet, that today in 2010, the American government must be re-educated to that history of failure.
Yet, we have heard recently from Democrats in Washington that Wall Street makes too much money and is too big a share of the American economy. Compared to what? The financial juggernauts of Libya, Romania or the Congo? Or for that matter France, Russia or Spain. Or for that matter Japan, Saudi Arabia or China (yes, China with its fraudulent banks and corrupt, finagling government).
Well, one of the reasons our economy continues to amount to 25 percent of all human economic activity on this planet (although our population is less than 5 percent) is because a free, risk-taking, innovative Wall Street has been the financial capital of the world. Yes, we have busts from time to time. But our booms have outdone our busts. That's why we have been the leading economy on earth for over a hundred years.
But now the current majority in Congress and the White House (and their fellow thinkers in the media) seem to be possessed of cobwebbed, left-wing social utility theorems compounded by mental devolution to the historic idiocies and bigotries that our ancestors in the Old World -- in their ignorance -- imputed to money lenders, bankers, the Bavarian Illuminati, the House of Rothschild, etc.
Shakespeare's moving, but anti-Semitic "Merchant of Venice" seemed to make a re-appearance in The Washington Post's lead Sunday story headlined: "Cheers at Goldman as housing market fell; Executives reveled in bets made against the market."
"Take then thy bond, take thou thy pound of flesh;
But, in the cutting it, if thou dost shed
One drop of Christian blood, thy lands and goods
Are by the laws of Venice confiscate
Unto the state of Venice."
-- Portia, "Merchant of Venice," Act IV, scene 1.
The flagrant Securities and Exchange Commission charge of civil fraud against Goldman Sachs last week, followed by Congress' release of embarrassing interoffice Goldman Sachs e-mails on Sunday, are obviously intended to set a moral tone for the final stage of the financial re-regulation bill currently before the Senate.
It would seem that statism, historical amnesia, economic ignorance and bigotry are the mental and moral dispositions that will be shaping the passage of our financial re-regulations bill in the Senate this week.
The current, ill-fated 111th Congress continues to blunder its way into our history books along with the dreadful 94th (cut off money to South Vietnam in 1975, lost the war and triggered the Cambodian genocide); 71st (1929-1930, passed the Smoot-Hawley Act, which led to the Great Depression); 63rd (1913-14, passed the 16th Amendment -- income tax; the 17th Amendment -- direct election of the Senate; and creation of the Federal Reserve, which led to weakening of the states, encroachment of the federal government); and 33rd (1854-55, passed the Kansas-Nebraska Act, which quickened steps to the Civil War). A couple of more destructive laws enacted and the 111th will be No. 1.
Blankley, who had been suffering from stomach cancer, died Saturday night at Sibley Memorial Hospital in Washington, his wife, Lynda Davis, said Sunday.
In his long career as a political operative and pundit, his most visible role was as a spokesman for and adviser to Gingrich from 1990 to 1997. Gingrich became House Speaker when Republicans took control of the U.S. House of Representatives following the 1994 midterm elections.