Sarah Palin gave a speech in Hong Kong. She blamed the Government for the financial mess we are in.
You can call me a common-sense conservative. My approach to the issues facing my country and the world, issues that we’ll discuss today, are rooted in this common-sense conservatism… Common sense conservatism deals with the reality of the world as it is. Complicated and beautiful, tragic and hopeful, we believe in the rights and the responsibilities and the inherent dignity of the individual.Yep. We are stuck with human nature as it is. There will be no New Socialist Man. No New Conservative Man. No New Libertarian Man. Just the same old man we have always had. Perfection is not an option. However, we can do better.
We don’t believe that human nature is perfectible; we’re suspicious of government efforts to fix problems because often what it’s trying to fix is human nature, and that is impossible. It is what it is. But that doesn’t mean that we’re resigned to, well, any negative destiny. Not at all. I believe in striving for the ideal, but in realistic confines of human nature…
Now about the financial meltdown.
While we might be in the wilderness, conservatives need to defend the free market system and explain what really caused last year’s collapse. According to one version of the story, America’s economic woes were caused by a lack of government intervention and regulation and therefore the only way to fix the problem, because, of course, every problem can be fixed by a politician, is for more bureaucracy to impose itself further, deeper, forcing itself deeper into the private sector.And that part I bolded? Sounds like Ronald Reagan. I like that.
I think that’s simply wrong. We got into this mess because of government interference in the first place. The mortgage crisis that led to the collapse of the financial market, it was rooted in a good-natured, but wrongheaded, desire to increase home ownership among those who couldn’t yet afford to own a home. In so many cases, politicians on the right and the left, they wanted to take credit for an increase in home ownership among those with lower incomes. But the rules of the marketplace are not adaptable to the mere whims of politicians.
Lack of government wasn’t the problem. Government policies were the problem. The marketplace didn’t fail. It became exactly as common sense would expect it to. The government ordered the loosening of lending standards. The Federal Reserve kept interest rates low. The government forced lending institutions to give loans to people who, as I say, couldn’t afford them. Speculators spotted new investment vehicles, jumped on board and rating agencies underestimated risks.
There is way more at the link. Too much to cover in a blog post. I do think it woluld be interesting to see how the left (they just couldn't resist) covered the speech.
Two US delegates left early, according to AFP, with one saying "it was awful, we couldn't stand it any longer." He declined to be identified.My totally uninformed guess on the walkouts? Recipients of Government largess. Of course they couldn't stand it.
"I'm going to call it like I see it and I will share with you candidly a view right from Main Street, Main Street U.S.A.," Palin told a room full of asset managers and other finance professionals, according to a video of part of the speech obtained by The Associated Press. "And how perhaps my view of Main Street ... how that affects you and your business."
Palin spoke out against government intervention in the economy. "We got into this mess because of government interference in the first place," Palin said, according to the Wall Street Journal. "We're not interested in government fixes, we're interested in freedom," she added.
She also praised the conservative economic policies of former U.S. President Ronald Reagan and former British Prime Minister Margaret Thatcher, according to another attendee who declined to be named because he didn't want to be seen as speaking on behalf of his company.
She claimed that if taxes were cut and the capital gains tax and estate tax eliminated, the world would "watch the U.S. economy roar back to life."
As to cutting taxes to get us out of the hole? Seems like a good idea to me. The money would go where profits are being made. That would be an automatic investment in winners rather than the Obama way of investing in the politically connected.
Cross Posted at Classical Values