If you were tempted to plow through Mr. Stockman’s latest multi-thousand word jeremiad on the causes of our coming economic collapse, appearing this week in the New York Times, I will summarize and spare you the trouble. Ready?
The whole thing was caused by, in order of importance, Milton Friedman’s theories on Federal Reserve money-supply manipulations and equations, Ronald Reagan’s tax-cuts, and…and….wait for it….George Bush and his un-funded wars!
Oh, and Nixon…and the GOP’s “war on the 99%” (That last line explains why the New York Times jumped at the chance to publish this thing. Possibly, former Enron advisor/Nobel laureate, Paul Krugman, was unavailable to write his regular column on why government spending needs to be doubled?).
So there you have it, the root causes of America’s decline into bankruptcy have finally been identified by economic genius, David Stockman. Never mind President Obama’s doubling of the national debt, to $16 trillion in a mere four years, and his creation of an entirely new entitlement, “free” health care, that will cost tax-payers trillions and trillions. None of that concerns Stockman.
And that 10-year effort by the Clinton Administration, dozens of Democrat senators, representatives, Justice Department lawyers , and bureaucrats, throughout the 1990’s and 2000’s, to force all types of lending institutions to reduce or even eliminate credit standards for mortgage borrowers? All in the name of ending “discrimination”? This effort to vigorously expand and enforce the benignly titled “Community Re-Investment Act”, that led to the complete collapse of the US housing market and almost the world economic system? Sorry, no, this barely appears on Stockman’s radar (and besides, it was Wall Street’s fault!)
So, for the lazy, here’s the Cliff Notes version of Stockman’s brilliant explanation of who’s to blame:
Friedman, Nixon, Reagan, Bush. Got it?