Atlas Blinked: Fiscally conservative Republicans were lost at sea in the Panic of 2008

Reason ^ | December 2008 | David Weigel

[rabscuttle385]

Every Wednesday in Washington, conservatives gather in the conference room of Grover Norquist's pressure group, Americans for Tax Reform, to hash out arguments and promote their projects. The off-the-record meetings are notorious among liberals: proof of the shudder-inducing organizational powers of the right.

In late September, a White House economist arrived at Norquist's salon to sell a proposed $700 billion bailout of Wall Street firms whose investments in worthless mortgage-backed securities had sparked an international financial crisis. In a tense meeting, the president's emissary was turned into a piñata. Pro-market activists and economists with decades of experience battered him with questions, asking whether the administration was putting an end to capitalism as we knew it. The White House's economist responded coolly. Did these people really want to do nothing in the face of the great 2008 meltdown?

[rabscuttle385]

FTA:

Rep. Ron Paul (R-Tex.), with a media profile burnished by his presidential campaign, appeared on CNN many times over the weeks of the crisis to explain why the Federal Reserve was to blame. But Paul was lonelier than ever. No other Republican was willing to suggest that avoiding a bailout and risking "a bad year," as he put it, would forestall several more years of economic central planning. They accepted the crisis narrative and attempted to legislate around the margins.

"This does ensure that President Bush will have a legacy...it's a legacy that will set back the concept of economic liberty by a century. The free market, for all intents and purposes, is dead in America."

[rabscuttle385]

Ping!

[rabscuttle385]

*Ping!*

[rom]

A sad day for sure. But all the Ron Paul haters didn’t hear the words of those of us who kept telling them that if we meltdown economically, there’s no way we can maintain a military presence in Iraq.

I hope they understand that now.

[NonValueAdded]

More and more it seems like the Panic was engineered.

[tubebender]

and the timing was spot on...

[sickoflibs]

Paul looks like a genius now but he wasnt alone, a few brave house republicans in a sea of cowardly whores, made us proud. The republican senate, GWB, + cowardly McCain sold our future to socialism with future endless government takeovers, never in Pelosi+Obamas brightest dreams would they give this gift. Note the argument for GM bailout is similar to Financial.

[Old Sarge]

More like, “Atlas Croaked.”

[ClearCase_guy]

Exactly right: The economic problems are real -- but the Panic in September was engineered and timed perfectly. I do think that John McCain might have turned it to his advantage, but that was beyond him, and the Bush administration provided no support for a free market solution whatsoever.

I'm reminded of the quote from Sir Edward Grey: "The lamps are going out all over Europe; we shall not see them lit again in our lifetime."

The free market worked well, as did our republic. Now both are gone.

[bvw]

Piracy of a whole nation. Not just a nation, this could be the death of the whole arc of liberty that went back to the Magna Carta, the printing press and the public availability of Bibles, John Wycliffe, the Treaty of Westphalia, René Descartes, John Locke, Adam Smith, Jonathan Edwards, the Founders.

We shall see, won't we? G-d willing.

[callisto]

More and more it seems like the Panic was engineered.

It was.

Shumer triggered the run on Countrywide, and Reid started the fallout with insurance companies. Maybe another Freeper can post the photo of Paulson, Pelosi, Reid, Shumer, et al when they had their photo op after signing the bailout theft bill. One wouldn't think that Paulson would be as ecstatic as he is in the picture if the country was in the dire straits he claimed to get the bills passage. I get the creeps everytime I see the photo.

[boxer21]

I agree but, either way - $700 billion or no $700 billion - this country will end up in roughly the same condition. Had Bush not proposed the bailout and had some Republicans not voted for it, the Democrats would have blamed the Republicans for the next 100 years for what is going to happen anyway.

The bailouts will save nothing; they will only delay the inevitable and make it worse. There is no way in hell this situation will remotely resemble the most pessimestic outlook - it will be worse.

[bamahead]

Libertarians proposed alternatives, such as privatizing Fannie Mae and Freddie Mac and letting the market find a bottom ... Instead the feds imposed a two-week ban on short-selling stock and engineered the largest economic intervention since Nixon's wage and price controls.



Libertarian ping! Click here to get added or here to be removed or post a message here!

[Harrius Magnus]

A sad day for sure. But all the Ron Paul haters didn’t hear the words of those of us who kept telling them that if we meltdown economically, there’s no way we can maintain a military presence in Iraq. I hope they understand that now.

But, but, but... there's nothing more important than spreading democracy... nothing... not a thing... who cares if all of the western world becomes insolvent.

Besides... Mullah Omar has been brushing up on how to become a Jeffersonian Democrat

 

 

[Gondring]

But, but, but... there's nothing more important than spreading democracy... nothing... not a thing... who cares if all of the western world becomes insolvent.

Remember when conservatives were the long-term view, principled ones?

Why was it so difficult for the Bushbots to understand that trashing America to "rescue" Iraq was a losing move?

[Clemenza]

Those "crusaders for Democracy" ie the Neocons, were chased out of the Dem party by McGovern, and unfortunately brought their Wilsonianism to the GOP.

We need hardheaded Kissinger/Schultz realism, not Missionary Democracy.

[lainie]

I didn't find a happy Pelosi etc., but this was from Signing Day (October 2, 2008).

[callisto]

There’s one that’s been frequently posted on FR of the list I gave plus a few more at a podium at their first press appearance after the signing, but prior to Bush’s signage, laughing and grinning “to all get out.”

[antonia]

More and more it seems like the Panic was engineered.

It was.

Shumer triggered the run on Countrywide, and Reid started the fallout with insurance companies. Maybe another Freeper can post the photo of Paulson, Pelosi, Reid, Shumer, et al when they had their photo op after signing the bailout theft bill. One wouldn't think that Paulson would be as ecstatic as he is in the picture if the country was in the dire straits he claimed to get the bills passage. I get the creeps everytime I see the photo.

 

[ken21]

yeah, let’s privatize fanny and freddy,

and barney frank, chucky schumer, chris dodd et al

while we’re at it.