More on Freddie and Fannie

The outrageous scam perpetrated by the GSEs has predictably become a blame game, finger pointing typical Washington big government indictment.  Unsurprisingly Nan Pelosi has her footprints all over the history rewrite that has been going on in an attempt to deflect responsibility from the political class to the Wall Street bankers.  This article in the WSJ catches this unscrupulous politician in the act:

The SEC's case should embarrass Congress's Financial Crisis Inquiry Commission, which spent 18 months looking at the evidence and issued a report in January 2011 that whitewashed Fan and Fred's role. Speaker Nancy Pelosi created the commission to prosecute the Beltway theory of the crisis that private bankers caused it all, and Chairman Phil Angelides delivered what she wanted.

Wall Street's runaway greed which resulted in balance sheet leverage of up to 50 to one surely deserves some of the blame for the debacle, however the major fault lies with the politicians (Carter Administration) who created the CRA back in the '70's. and those who hyped it later on (Clinton Administration with a little contribution by Bush Administration) and the nefarious managers at the GSEs who hid and multiplied the risks to the point the program was bound to fail.  Hopefully as this article suggests this case will go to trial which would give everyone the opportunity to focus on the real culprits.  At the very least his example of political intervention in the economy should become a central issue in the upcoming presidential campaign.  However since the Republicans' hands are at least soiled, chances are this important issue will not be raised.  Meanwhile the depression will continue until all the toxic paper clogging up the credit machine is finally written off.  The Austrian economics school economists predicted all of this but of course have never been listened to for fear their philosophy would end the drunken party.  Jim Whelpley also saw this coming but, unfortunately or fortunately, did not live to see the chaos it caused.

Required reading for sane Obama voters

For all those friends who for some inexplicable reasons voted for The One,  this should be required reading.  When from the vantage point of 10 or 15 or 50 years the history of the Obama administration is written (by an objective historian/reporter, of course) there will be general disbelief that it could have happened in this country.  There will also be general disgust by those who allowed themselves to be hoodwinked by a fraud without a documented past,  whose supporters and connections were all anti America, anti Capitalism, anti Constitution, interested only in changing our traditions and way of life.  It will be seen as the darkest period in our history since the Civil War.

Protestantism's weak link

For many years now mainstream Protestant sects, e.g., Episcopal, Methodist, Presbyterian, Baptist, Lutheran, et al, have been losing communicants while Evangelical sects have been growing. There are no doubt many and complicated reasons for this development;  however,  at least one obvious explanation lies in thinking of the current Archbishop of Canterbury, Rowan Williams, who as the head of the Church of England putatively speaks as the religious voice of the state of England and its worldwide offshoot, the Episcopal Church.  Williams embodies the secular and politically correct "social justice" philosophy reflected in the leftist politics of Barak Obama and his minions.  Briefly this philosophy is anti the values embodied in the American Constitutional, anti the concept of American exceptionalism,  anti-Western values in general, specifically Capitalism's embrace of the importance of self interest, private property rights, competition, and all the rest that goes with an economic system that has raised millions of people out of poverty over the last two hundred years.  Communitarians like Williams and Obama want  an economic system that produces equal outcomes and a society in which all group political and religious rights and values are accepted and respected equally.  The only real difference between the Obama-Williams and communist philosophies is the acceptance of a role by religion by the former.  Of course those religions must embrace the relativism and social justice values inherent in communism to be acceptable. Clearly the protestantism of shared values with Capitalism, to wit: the importance and significance of the individual person and the attendant values of  hard work, self discipline, competitive spirit, individual good works, and the like, has given way in the Obama-Williams world to a group rights, non competitive cooperative feel good, equality above all else, Protestantism.  Roger Kimball provides some interesting insights into the thinking of Rowan Williams here.