My favorite American
My favorite American at the moment is Rick Santelli. A week ago, Mr. Santelli was just another financial television journalist. As of February 19, he has been elevated into a national hero for those, like me, who regard the economic policies of the current President of the United States with a mixture of revulsion and horror.
Speaking from the trading floor at the Chicago Mercantile Exchange, Mr. Santelli called for a Chicago tea party next July: a taxpayer's revolt against the obscene redistributionist policies of the Pelosi-Reid-Obama troika.
Commenting on the latest effort to take yet more of your money to subsidize failure, Mr. Santelli bluntly charged that "The government is promoting bad behavior."
After poking a little fun at the derisory tax rebate ("$8 or $10") the current plan would provide for low-income workers, Mr. Santelli proceeded to eviscerate the style and substance of the Democratic Special-Interest and Wealth-Transfer Initiative (that's an English translation of "Stimulus") that Washington just shoved down your throat.
As to style: how about a little "transparency"? Why don't we actually debate the provisions of this $787,000,000,000 plan before passing it? Didn't the current President of the United States promise "a new era of responsibility" in the way government does business?
"The new administration," observed Mr. Santelli,
is big on computers and technology. How about this, Mr. President and new administration. Why don’t you put up a website to have people vote on the internet as a referendum to see if we really want to subsidize the losers mortgages? Or would they like to at least buy cars, buy a house that is in foreclosure -- give it to people who might have a chance to actually prosper down the road and reward people that can carry the water instead of drink the water?
What do you reckon the results of that referendum would be? Mr. Santelli then dilated on the "spread-the-wealth-around" confiscatory assumption behind the White House plan.
How many people want to pay for your neighbor’s mortgages that has an extra bathroom and can’t pay their bills? Raise their hand! [A chorus of boos, but no hands raised.]
President Obama, are you listening?
You know Cuba used to have mansions and a relatively decent economy. They moved from the individual to the collective. Now they’re driving ‘54 Chevys.
It’s time for another tea party.
What we are doing in this country will make Thomas Jefferson and Benjamin Franklin roll over in their graves.
You said it! And Washington, Madison, and Hamilton would be rolling over along with them.
There been a lot of talk about the current President of the United States looking for a "Swedish solution" for crisis in the banking industry. A depressing prospect, that. But I think Mr. Santelli touches on another real danger to the US economy, even worse than the Swedish solution, namely the Cuban Catastrophe. I don't think the current President of the United States is going grow and beard and start donning combat fatigues (too much Harvard for that). But his policies just might tip the mighty US economy over into a serious and protracted decline.
They just don't get it.
Practical economics is not about "fairness" (one of the current President's favorite words) or "spreading-the-wealth-around" (the ultimate aim of his domestic policy). Practical economics is about the creation of wealth, not the redistribution of wealth. A rising tide floats all boats. More wealth means more jobs, greater prosperity for everyone.