AUSTRIAN ECONOMICS ADDICT

This is the kind of common sense that Americans used to be noted for. It sounds like Mr. Poilievre is battling the same socialist thinking that liberty minded people in the U.S., have been trying to hold the line against for decades. I wish more of our politicians had the kind of brass that this man has.

0-3:40 is about the U.S. problem.   4:39-6:00 is about Europe’s problems.   6:00-7:20 is a must.

Here are a few quotes from the speech.     “Many believe the 2008 financial collapse and recession were the result of irresponsible behavior by businesses and banks. In fact this behavior was merely the symptom. The illness was massive Government intervention, to turn the mortgage business into a social program. The roots of this go back three decades. Presidents from Carter to Bush Jr. wanted to expand home ownership, a worthy mission no doubt.  To do this they mandated Government sponsored enterprises like Freddie and Fannie to cover the risks of loans to people who otherwise would not qualify for them. We called these, sub-prime mortgages……..Freddie and Fannie bought 47% of these toxic mortgages…….The Government encouraged millions of Americans to spend money they did not have, on homes they could not afford, using loans they could never repay, and then gave them a tax incentive never to repay it.“

“To paraphrase Rudyard Kipling, In the era of generous Government, we were promised abundance for all, by robbing Peter  to pay for collective Paul. But though we had plenty of money, there was nothing our money could buy, and reality stood up to tell us, if you don’t work you will die.”

The Keynesian dreams of abundance, and the socialist dreams of economic equality, are “Roads to Serfdom”.

Read article, A Canadian Summarizes America’s Collapse: “Everyone takes, nobody makes, money is free, and money is worthless.”, on Zerohedge.com.

This entry was posted on December 28, 2012 at 2:06 pm and is filed under Econ. 101, Government and Politics, Hall of Fame. You can subscribe via RSS 2.0 feed to this post's comments.

Tags: Canada, Economic collapse, Pierre Poilievre, United States, Welfare