“No Man’s life liberty or property is safe while the legislature is in session”.

- attributed to NY State Judge Gideon Tucker

Friday, November 4, 2011

Paul Ryan On Crony Capitalism

At the end of a predictably dull and meandering column in last weekend's edition of the Wall Street Journal, Peggy Noonan launched into an attack on crony capitalism.

She began by fingering Franklin Raines and James Johnson for having taken advantage of Fannie's and Freddie's GSE status to reap outsized bonuses while wrecking the companies and leaving them to be seized by the government at a cost to taxpayers of some $140B.

Next, Noonan mentions Paul Ryan as having the good sense to identify, in a speech at the Heritage Foundation, such crony capitalism as what occurred at the GSEs.

He railed against 'corporate welfare,' which is an accurate charge.

Perhaps his most concise line, as recounted by Noonan, was this one,

"The 'true sources of inequity in this country are the corporate welfare that enriches the powerful, and empty promises that betray the powerless. The real class warfare that threatens us is 'a class of bureaucrats and connected crony capitalists trying to rise above the rest of us, call the shots, rig the rules, and preserve their place atop society.' "

Noonan concluded her piece opining,

"If more Republicans thought- and spoke- like this, the party would flourish. People would be less fearful for the future. And Mr. Obama wouldn't be seeing his numbers go up."

She's right. Thus my anger at recent news concerning my own Congressman, Leonard Lance's involvement in another bid to give more power to Fannie.

Ryan's remarks explain why those who consider themselves of common interest with the Tea Party, like me, grow disgusted with even elected Republicans. In my state, the GOP is far more liberal than it is further west. My own Representative clearly embodies that against which Paul Ryan rails.

I wonder if Ryan even acknowledges Lance and, if so, what he thinks of my Congressman.

Ryan's clear speaking and thinking suggest he could, if he has the stomach for it, eventually occupy the Oval Office. He has the sensibilities and intellect to get there. But the rest of what is required to be elected, including the sort of character assassination being visited upon Herman Cain this week by anonymous parties, could be too much for the Wisconsin Representative.

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