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October 7, 2008

UN Socialists Exploit Financial Crisis

If Obama takes power and uses the financial crisis as a pretext to push us toward socialism, he won't be the only one. The insidious UN, largely financed by money expropriated from our paychecks, is at it already:

The United Nations called on Tuesday for tougher regulation of financial markets to deal with the "crisis of a century" and warned that the global policy response risked creating a prolonged deflationary downturn.
Adding its voice to those blaming the free-market model of the United States and Britain for the crisis, the United Nations Conference on Trade and Development (UNCTAD) said considerable public intervention was now needed to avoid greater damage to the financial system or real economy.
"The market-fundamentalist argument against stronger regulation based on the idea that market discipline alone can most efficiently monitor banks' behavior has clearly been discredited by this crisis," it said in a policy brief.

Others might come to the opposite conclusion. The crisis arose because quasi-governmental institutions like Fanny Mae and Freddie Mac knew the government would bail them out, and consequently behaved recklessly. Also, banks were forced to make bad loans by Barack Obama and his ACORN friends, who exploited the deranged Community Reinvestment Act to loot banks on behalf of certain ethnic groups.

The free market is an impartial regulator that can't be bribed. But with the government in charge of regulation, all crooks like Obama advisor and donation bundler Franklin Raines had to do is pay off skeevy politicians to look the other way, prominently including Democrats Obama, Chris Dodd, and Barney Frank.

Then the government decided to fix the mess it made with $700 billion of our money. When its first attempt at a bailout failed, the stock market shot up 700 points the next day. The day after its second attempt succeeded, the market dropped 700 points.

More coercive bureaucratic bungling is the last thing we need.

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Having friends in high places helped Franklin Raines make $90 million.

On a tip from mega.

Posted by Van Helsing at October 7, 2008 10:13 AM