Tag Archives: Political Class

America’s Ruling Class — And the Perils of Revolution

By Angelo M. Codevilla from the July 2010-August 2010 issue <http://spectator. org/issues/ july-2010- august-2010>

Posted By Newssleuth

As over-leveraged investment houses began to fail in September 2008, the
leaders of the Republican and Democratic parties, of major corporations and
opinion leaders stretching from the National Review magazine (and the Wall
Street Journal) on the right to the Nation magazine on the left, agreed that
spending some $700 billion to buy the investors’ “toxic assets” was the only
alternative to the U.S. economy’s “systemic collapse.”

In this, President George W. Bush and his would-be Republican successor John McCain agreed with the Democratic candidate, Barack Obama. Many, if not most, people around them also agreed upon the eventual commitment of some 10 trillion nonexistent dollars in ways unprecedented in America. They explained neither the difference between the assets’ nominal and real values, nor precisely why letting the market find the latter would collapse America. The public objected immediately, by margins of three or four to one.

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