Western Standard

The Shotgun Blog

« At long last, the Harris Grits come loose | Main | The people are against the coalition »

Friday, December 05, 2008

Jonah Goldberg gets it

Gets Communist China, that is:

Ask yourself this: Why are we in this financial crisis?

Any short list of reasons would include a lack of transparency in markets and regulatory rule-making; collusion between business and government; the politicization of lending practices (including the socialization of risk and the privatization of profit through giant governmental entities like Fannie Mae); and, of course, simple greed.

Does anyone honestly think China doesn’t have these problems ten times over? It has no free press, no democratic accountability, and no truly independent regulators.

After every Chinese earthquake, we discover that safety inspectors couldn’t be trusted to oversee the construction of schools and hospitals. And we’re supposed to believe that China’s corrupt model produces toxic baby formula but spic-and-span finances?

There’s an honest debate about how much blame institutions like Fannie Mae and laws like the Community Reinvestment Act deserve for the financial crisis, but few honest observers dispute that they played some kind of deleterious role. Well, China’s entire economy is one big Fannie Mae, its laws one big Community Reinvestment Act.

I’m willing to bet that the bill for that comes due long, long, long before China catches up with the United States of America.

Exactly!

Posted by D.J. McGuire on December 5, 2008 in International Affairs | Permalink

TrackBack

TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d834515b5d69e20105363bb5f9970c

Listed below are links to weblogs that reference Jonah Goldberg gets it:

Comments


The comments to this entry are closed.