If you watch CNBC, you know Rick Santelli. He reports from the floor of the Chicago Mercantile Exchange. I love his fire. The polemicist goes nuts in the video below about the recent bailout bill and its socialist implications. He proposes a Chicago Tea Party and the idea has some traction.
I find it sad that we forget the values that have made us the most powerful nation in history – economic liberty and limited government intervention – when fear overwhelms logic. Our economy is too complex for the federal government to micromanage it. If America maintains its dominance during China’s rise, it will be because of inefficient and corrupt intervention in the marketplace from the Chinese government. Markets require extensive regulation to prevent them from self-destructing, but market intervention is distinct from market regulation. Economists still debate whether FDR’s Keynesian spending programs hurt or helped the economy. Markets fluctuate and we must learn to accept years of recession. We cope with recessions because in the long-run free markets will generate a far greater abundance than enslaved markets. Big government spending tends to create moral hazard, be inefficient, create abundant opportunities for corruption and create a network of perverse incentives.
While I agree with many of Obama’s social views, I chose not to vote for Obama because I fear his faith in the slimy squid tentacles of the federal government and his lack of faith in the system of economics that has created an abundance of wealth, health, education, universities, food, luxury, travel, philosophy, art, music and film – all of the things that make us human.
Perhaps after reading this post you will no longer doubt my conservative credentials.