“Let’s put it to the American people: Do you prefer the Republican position of doing literally nothing to rein in these abuses or should we try to rein them in?” asked Rep. Barney Frank, defending Congress’ decision to pass a bill massively intensifying government regulation of banking and business. The legislation would give the government new powers to break up companies that it considers a threat to the economy, create a new agency to oversee consumer banking transactions and regulate every corner of the financial industry.
To any rational person, the answer to Barney Frank’s question is obvious: Of course do nothing. In fact, do even less. Last year’s financial crisis was the consequence of too much government intervention, not too little. Government already controls the money supply, the credit industry and more or less influences the entire financial market. America, by 2008, was not capitalist so much as moderately fascist. The financial crisis of 2008 was an example of how business operates when government runs most of the show. The latest bill in Congress plans to turn America into an outright fascist economy, under which private property and profit exist only at the government’s bidding. The equivalent of such a law in the context of free speech would be, “People may speak and write only when the government does not see it as a threat to the country.” If government should not have these powers over freedom of thought and speech, then by what right does government seize this authority over commerce? And how can incompetent, politically motivated government bureaucrats regulate an industry better than the stockholders and other operators in business who hold a stake in it all? The power of profit lies in the competence and self-responsibility required to generate it. Political power, on the other hand, is bumbling, arrogant, unaccountable and stupid.
For a perfect illustration of what political power leads to and accomplishes, just take a look at Barney Frank. Your financial well-being is now in his hands.