The protests in New York City, becoming increasingly riotous, are an embarrassment to this once-great nation whose capitalism enabled all of the freedoms and wherewithal of the very participants who now decry it.
These young people are the product of our government-orchestrated education system and our institutes of higher learning, both of which have been corrupted by Marxist and socialist doctrines. And now, big labor unions and Democratic politicians such as House Minority Leader Nancy Pelosi, et al., sensing a crisis that can’t be allowed to go to waste, have voiced their support for the mindless masses who, when questioned by reporters, are unable to explain what it is they are protesting, other than simply “Wall Street and rich people.”
It is not surprising that Americans are tiring of the ravages of continued high unemployment and a struggling economy, but venting their frustration at the financial institutions as the culprits is misdirected. The banks were just the instruments of execution in this fiasco.
Government policies promoting home ownership to unqualified buyers and backing the longtime freewheeling mortgage activities of Fannie Mae and Freddie Mac were the real source of the housing industry collapse. The ensuing foreclosures coupled with the European, as well as our own, debt crisis; bank credit tightening; and more government regulation and threatened tax increases have effectively choked off economic activity.
Throwing billions more government dollars at the problem simply is a repeat of past stimulus failures, creating only temporary government jobs instead of long-term, private-sector incentives such as tax and regulatory relief, which are the real engines of economic gains.
The power of political and media misinformation campaigns appealing to middle-class misfortunes are an awesome force, as evidenced by the number of misguided souls behind the “Down with Wall Street” signs in New York City, and the half of the electorate that believes that the politicians and the unions are in it for “them.”