How to destroy capitalism in one easy lesson


Today, February 5, 2013, U.S. Attorney General, Eric Holder – the socialist Obama-appointee who currently heads up the Justice Department – is expected to bring a civil law suit against Standard & Poor’s Rating Services, one of New York’s three giant bond-rating agencies. Several state attorneys general are expected to join this rent-seeking lawsuit.

This suit is designed to bankrupt the company and send out a warning signal to the remaining two giants not to mess with the Obama administration. Incidentally, the law suit will strike yet another Obama blow against the rule of law and anything remotely resembling laissez-faire capitalism in the United States.

Officially, the law suit is targeted at S & P for its failure to predict the housing meltdown that led to the financial crisis in fall 2008. In truth, it is a revenge action because S & P downgraded the U.S. credit rating following the failure of the Obama administration to address the debt crisis in fall 2011. If the federal courts buckle under such administration pressure, the Madisonian experiment is over and yet another Republic will be well on its way to internal dissolution.

The financial crisis was generated not by any rating agency, but by a cross-party political conspiracy to bludgeon mortgage companies to extend mortgages to minority households that had no resources to enter into home ownership. A crude vote-seeking frenzy ensued, fed by Fannie Mae and Freddie Mac, two government-enterprises that were shell agencies for a Ponzi scheme in the housing market. S & P’s error was ever to take credit guarantees emanating from the government with anything except supreme contempt.

Let us hope that the courts toss out this evil lawsuit and award damages for reckless litigation against the Juatice Department and its co-conspirators.

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8 Responses to “How to destroy capitalism in one easy lesson”

  1. OyiaBrown Says:

    Reblogged this on Oyia Brown.

  2. A6 Says:

    Our Cristina Kirchner moment.

    “If the federal courts buckle under such administration pressure, the Madisonian experiment is over and yet another Republic will be well on its way to internal dissolution.”

    Alas, after the Roberts buckle, this only helps blind (some of) us to what is going on.

  3. charlesrowley Says:

    I agree that the general public has greatly under-estimated the significance of John Roberts’ deference to Obama.

  4. charlesrowley Says:

    In the world of the blind, the one-eyed man is king.

  5. charlesrowley Says:

    Fortunately even Obama is not as disastrous as Cristina Kirchner!

  6. charlesrowley Says:

    Cristina Kirchner of course is not as bad as Juan Peron!

  7. A6 Says:

    I forgot to remark on the unexpected locution “laissez-faire.”

    Nowadays it is usually found among leftists: when one wishes to denounce freedom to Americans, he must use the nearest French equivalent.

  8. A6 Says:

    Oh, and in the world of Juan Peron, the one-eyed man is in prison.

    (Not that bad a parable for the S & P story.)

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