Fed to blame
Financial Post Published: Tuesday, April 15, 2008
Re: Does it Really Matter who is President?, William Watson, April 3
William Watson makes an excellent point that President George W. Bush “entered office more ideological and less interventionist than any of his recent predecessors,” but has ended up seeming to have abandoned the original perceptions, while also abandoning those that elected him because of those perceptions. Was he hamstrung and stymied by “constraints of … inherited structures and interests”? Well, maybe …
Firstly, I’ll be more blunt and call those inherited structures and interests exactly what they are: A deeply entrenched political bureaucracy which is the real power behind the throne, so to speak, ultimately bending elected officials to its manipulative commands. One could cut G.W. Bush some slack and recognize he has paid a price for not doing something to expose these powers behind the throne–and that price is the carefully crafted media image of a President flummoxed and out of his depth, becoming a figure of ridicule. After Mr. Bush is long gone, this entrenched bureaucracy will live on, and the same scene will replay over again with whoever is elected as the new President.
Mr. Bush has become any easy punching bag, easily vilified and Diane Francis points to the overly ambitious Eliot Spitzer traveling to Washington to make some easy political points by pointing his sanctimonious and hypocritical finger at him as being the cause of the current subprime meltdown. Whatever direct influence Bush may have had in that is questionable.
Statists like Mr. Spitzer demand more economic interference and financial regulation, while pretending that an unregulated financial market actually exists. This type of straw-man argument scores political points, even if the reality contradicts their assertions. No free financial market has existed in the United States since the creation of the Federal Reserve, when the Federal Reserve Act was signed into law by President Woodrow Wilson on Dec. 22, 1913.
A quasi-governmental agency that is deeply politically directed, since Fed governors must be politically approved. The Fed manipulates interest rates and regulates the money supply, fundamentally powerful state directed functions, and deleterious to all freedom.
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