Socialization of Wall Street

For the past decade, much brouhaha has been made of privatizing social security, formally known as the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. That private individuals will better manage their own retirement funds than the federal government can. That it doesn’t perform as well as private pension funds do. That, all in all, it is in the best interest of the individual to invest directly into the financial markets than to turn over that money for the government to safekeep until due time.

The present Bush administration has been a strong proponent of the privatization of social security. In general, they extol the virtues of the free market. That deregulation can only be a good thing.

Fast forward to September 2008

Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out. – U.S. seizes Fannie and Freddie – CNN.com

and

Acting to avert a possible financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government an ownership stake in troubled insurance giant American International Group. – Fed to Loan A.I.G. $85 Billion in Rescue – The New York Times

I’m really confused…

David Frum on Equality – “Never Can Be or Should Be a Conservative Goal.”

Question to David Frum. Do you really want to assert the following on record?

Equality in itself never can be or should be a conservative goal.

The Vanishing Republican Voter: Why income inequality is destroying the G.O.P. base.
– David Frum, The New York Times

WTF?

I reread it and the surrounding passage repeatedly to make sure I hadn’t misunderstood that the author was asserting that conservatives should not prioritize equality in itself as a worthwhile objective. I didn’t misread it.

Wow, really? Somebody needs to brush up on his civics lessons:

“We hold these truths to be self-evident: That all men are created equal…”

The Declaration of Independence, 2nd paragraph

 

The Wrong Kind of Hungry

While school districts struggle with financial problems, record numbers of students turning up for classes this fall are homeless or poor enough to qualify for free meals. – Hard Times Hitting Students and Schools – NYTimes.com

This is America, folks. Homeless kids who go to school so that they can have at least one meal, the premise being that kids can’t learn if they’re too hungry to think. While I am thankful that we are conscientious enough to ensure both that we’ve implemented one such public assistance program and that schools provide at least that, reading this makes me shake my head at the idea of the US being a first world nation.