Friday, June 24, 2011

What Liberals Know That Isn't So

The latest installment in this ongoing saga is the Crash of 2008. Liberals say that it was caused by greedy bankers and their derivatives operating in a climate of deregulation. Just yesterday, a liberal acquaintance was anxious to talk about derivatives bears and lax SEC enforcement. What do you expect the SEC to do, I replied? They are bureaucrats.

Pity that New York Times reporter Gretchen Morgenson and financial analyst Joshua Rosner, in Reckless Endangerment, agree with the conservative line that it was Fannie, Freddie and the Community Reinvestment Act wot did it, as Mona Charen writes.

Of course if you want the full story on 48 Liberal Lies About American History you should go to the full version written by Larry Schweikart. But Larry doesn't include the liberal line on the late, great, financial crisis.

But while we are on the subject let's rehearse some of the biggies, for history is a narrative of power written by the ruling class, and when you want to start a revolution you need to start chipping away immediately at the reigning ruling class narrative.

FDR got us out of the Great Depression. This fib has been modified recently to say that, true, FDR didn't get us out of the Depression economically but he saved the US from fascism or communism. Well who knows? But his price and wage controls in 1933-34 were a bust, and the Wagner Act sent union wages skyward just in time to meet the new 2 percent payroll tax for Social Security in 1937 and a fresh recession within a depression.

JFK was killed by a climate of right-wing hate in Dallas. No he wasn't. JFK was killed by a lefty who'd been to the Soviet Union and Cuba and married a Russian woman.

The Fifties were... Make your mind up liberals. Was it an age of conformism and racism or was it a golden age of equality, as chaps like Paul Krugman now want to insist?

Supply-side economics is a buncha baloney. Liberals have been pushing this line since the days of the celebrated "amiable dunce," and now they are about to hit an economic and political brick wall with their Keynesian big government spending in 2012. In another couple of years liberals will be saying that we are all supply siders now.

I could go on, but I gotta write a book.

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