Monday, September 14, 2009

The commanding heights are being lost.

Finance:
The government is financing 9 out of 10 new mortgages in the United States. If you buy a car from General Motors, you are buying from a company that is 60 percent owned by the government. If you take out a car loan or run up your credit card, the chances are good that the government is financing both your debt and that of your bank. And if you buy life insurance from the American International Group, you will be buying from a company that is almost 80 percent federally owned....

I'm really tired of Republicans complaining about Barack Obama's plan for socialism. We have socialism. The American government owns a car company and an insurance company. It's responsible for putting up capital so the construction and real estate industries stay afloat.

Let's not forget higher education:
The Obama plan calls for the U.S. Department of Education to move from its current 20% share of the student-loan origination market to 80% on July 1, 2010, when private lenders will be barred from making government-guaranteed loans....

Discussion among university administrators I know has centered on how to diversify revenue streams on the assumption that the federal government will try to control costs at the universities...

a federal government directly paying the bills for student education might start intervening not just in cost questions - price controls - but forms of "educational industrial policy."

And of course, health care. Whatever the future holds, much is already rotten:
One disturbing portent came over the summer when it was reported that the Obama administration had promised deals to doctors and to pharmaceutical companies under the condition that they publicly support health care reform. That’s another example of creating favored beneficiaries through politics.

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