Sunday, April 04, 2010

Barn-Burner Speech: Paul Ryan (Natch)

Owen noticed this, for good reason.

Here's a taste:

Progressivists say there are no enduring ideas of right or wrong. Everything is "relative" to history, so our ideas need to change. Progressivists say the Founders' Constitution including its amendments, with its principles of equal natural rights, limited government, and popular consent is outdated. We should have a "living constitution" that keeps up with the times. Progressivists invent new rights and enforce them with a more powerful central government and more federal agencies to direct society through the changes of history. And don't worry, they say. Bureaucrats can be controlled by Congressional oversight.

Would you like an example of how successful Congressional oversight is? Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (or GSEs), underwrote trillions of dollars in junk mortgages. Year after year their officials and others from HUD, Treasury, and other agencies who supervise them marched up to Congress for hearings. Red flags were raised. The oversight committees had other priorities and dismissed them out of hand. With the housing market already tanking, Financial Services Committee Chairman Barney Frank said: "This ability to provide stability to the market is what, in my mind, makes the GSEs a congressional success story." Less than 18 months later, the ‘market-stabilizing' GSEs went belly-up due to their shoddy business practices, collapsing the mortgage credit industry and sparking the worldwide financial meltdown. No one knows the ultimate cost to the taxpayers but it will be gigantic.

If Congress can't control what a few mortgage finance bureaucrats do with your dollars, why would anyone trust Congress to control what tens of thousands of bureaucrats will do with your health?

There's plenty more at the link. Ryan 'gets it.'


neomom said...

A reluctant leader?

Billiam said...

Unfortunately, most of the dripping tools in DC either don't understand or don't care about, the terms Constitutional, or unsustainable.