Sunday, September 28, 2008

Financial crisis resolved?

Hugh Hewitt writes:
If, as appears likely, the two parties which are on opposite sides of a deep ideological divide can work together to resolve a crisis and then immediately return to throwing hammers at each other for five weeks, this will be as great an example of the wonders of our system that can be imagined.

Now that the crisis has been resolved (hopefully), libertarians, conservatives and all those who embrace free markets need to work to save and restore capitalism in America. The stakes are now to high to allow the paternalistic socialist state to continue acquiring more control over the economy and the lives of American people.

Those who embrace free markets need to sell the concept to the American people that the cost of this bailout need not be equally borne by all members of society. Instead, it could more productively be borne by the least productive members of society (i.e., the do nothing civil servant bureaucrats, parasitic accountants and lawyers, upper middle class welfare king and queen college professors, wealthy foreign allies who do not adequately pay for their own defense, dead beat home owners that caused this crisis, monopolistic corporations who gain government induced economy of scale advantages through laws and regulations, etc).

These are tough arguments to make, and undoubtedly, free market advocates will be accused of having no compassion. However, free market advocates need to frame the debate around the concept of having compassion for the hard working Americans who are being asked to borne the cost of solving a problem that they did not create. Free market advocates can win these arguments and save and restore capitalism in America, but they need to get to work ASAP.