One of the most galling revelations of the financial crisis was the discovery that the subprime mortgage securities market in the mid-2000s was almost entirely based on fraud. For a "free market" capitalist and former Libertarian like myself, the naivetà © of capitalist god Alan Greenspan, whose belief in self-interest as the ultimate preserver of the social order, looks absurd in hindsight. Yet many of us otherwise smart folks believed its fantastical logic.
Despite the massive devastation caused by raw unrestrained capitalism, there are still hold-outs of the Old World Order. Dick Armey, commander in chief of the Freedom Works Tea Party army among them. Armey writes that all he wants to be is, "Free to lead our lives as we please, so long as we do not infringe on the same freedom of others."
Without a doubt, hiding defaulting loan pools in complex CDO packages and hedging these with unregulated insurance policies called CDS would constitute infringing on the rights of an entire free market society. Freedom does not mean you have the right to hustle, torture or kill your neighbor economically anymore than it does socially. At least it shouldn't.
(FYI--the Founders did not endorse "capitalism." This was a radical economic idea introduced to the world by Scotsman Adam Smith (Wealth of Nations), the same year the Declaration of Independence was signed.)
Capitalism evolved and continues to evolve along with other democratic principles. As Al Gore said recently at the World Business Forum in New York, capitalism is the best economic system human beings have developed to date. Yet, the unrestrained savage capitalism of the early 21st century must adapt to modern society. Gore called for "sustainable capitalism"--pursuing profit in socially and environmentally sustainable ways that honor planet and people.
A Platform of Hate
Freedom Works under nominal self-appointed "leader" Glenn Beck espouse lower taxes, unfettered financial markets, repeal of the new healthcare reform bill, unregulated insurance markets (uh oh), and dismantling Social Security and Medicare. Beck offers a manual entitled "Patriots" for Tea Party organizers who wish to fight "Progressives."
Who says right wing radicals have the corner on patriotism? Hey Glenn, read your history. The ultimate progressives were our Founders. You can't get more "liberal" than Jefferson, Madison, Adams, Hamilton, or George Washington. They fought a revolution against the status quo--that's the opposite of conservatism.
Despite our progressive American heritage, the academically challenged Beck claims that "progressivism is the cancer in America and it is eating our Constitution!" The real cancer eating away at American ideals is not progressivism--but hate.
The Tea Party's vitriolic mumbo jumbo has an unmistakable undercurrent of racism and intolerance. They seem to hate Hispanics, Muslims, immigrants, the sick, the uninsured...in general any and all of the poor and huddled masses yearning to be free. Oh yes and liberals, progressives and your ordinary run-of-the-mill Democrats too.
Hate is one of the easiest emotions for human beings to access. It emanates from our lower levels of consciousness, the irrational fear part of our brains that views human differences as threats to personal security.
This could be the current mantra for newly evolved Tea Party America: " I am afraid. " Higher taxes, universal healthcare, increased government spending, federal regulation, gun control, illegal aliens, gay marriage"all represent threats to the status quo.
American Values Redux
We hear a lot of Fear Talk lately about the growing federal deficit. Yet world-renowned economist Joseph Stiglitz points out that our liabilities are only one side of the balance sheet. These need to be measured against our assets and future earnings. If you jumpstart the economy with stimulus or available credit, earnings potential increases. If you keep the economy anemic, you severely inhibit growth. Now that banks have received their bailouts there is no choice but to even the odds by bailing out the public too.
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