So now liberals can’t figure out why no one has been prosecuted for their role in the financial crisis. For example, Neil Irwin of Wonkblog finds it shocking that:
[For] a crisis that drove the global economy off a cliff, caused millions of people to lose their homes and generally spread mass human misery to almost every corner of the earth there is no defining prosecution.
Of course, as a liberal who continues to cling to his big government, Mr. Irwin only wonders about the prosecution of Wall Street executives. Apparently the politicians and government officials who developed and supported the policies that created the crisis in the first place or failed to subsequently exercise proper oversight are allowed to “spread mass human misery” with impunity.
Fannie Mae and Freddie Mac, cheered on and protected by the likes of Barney Frank and Christopher Dodd, developed the mortgage securitization model that Wall Street sub-sequently picked up. Add to that government policies that artificially lowered interest rates and lowered lending standards to insure that more and more loans went to people who couldn’t afford them, and it’s hard not to see government as a significant element of the financial crisis.
One might expect that government officials whose incompetence harmed the country would be run out of town on a rail, but not in America. In this country, we not only tolerate the incompetence, but allow the politicians to blame others and then create new legislation to further expand government power (e.g., Dodd-Frank Act).
This is what Mr. Irwin should find “shocking,” but don’t count on it. Most likely he’ll be in the front ranks with other liberals applauding the next round of incompetence. Indeed, we might see this soon enough if Obamacare fails. The politicians responsible for such a result will undoubtedly be the ones to create a single payer system that will be place 315 million people more firmly than ever before under the thumb of the central authority.
But we’ll see the greatest example of rewarding the incompetent in the upcoming presidential candidacy of Hillary Clinton, one of the Benghazi Liars. It was during her tenure that State Department bungling resulted in the deaths of our ambassador to Libya and three others. Never mind putting her in charge of legislation to expand government power – let’s just skip over that and reward her with the most powerful political position in the world. Yeah, that sounds about right.