26 March 2009

Wait a second...

Mr.President? There's a "Mr.Galt" holding for you on line one.....

so anyway, Mike of Cold Fury fame (Cold Fury Actual, to be precise) tips us to yet another example of the growing "Galtism". "Austrian", over at AR15.com has posted an OutStanding rant in the Galt idiom. A long-ish taste:

So, let me get this straight, Mr. or Ms. Congressional/Executive Scumbag....

You've spent the last two decades pumping trillions upon trillions of dollars into particular segments of the mortgage market, a major portion of the U.S. economy, dictating what risks were appropriate, how much would be paid for assuming those risks and generally underpricing risk in the entire system for years and years. You've been inflating a bubble and assuring that the inflation passed to the riskiest portions of the economy. You've been passing the buck for four decades. Every time the economy tries to correct itself, you stall, pump borrowed money into the system, and grow the disaster the country will eventually have to face. You buy votes year after year by delivering graft now, to be paid for later (after you've long left office). In effect, nearly one third of the American economy has been run by central planning for the last five years. During this inflation, you happily collected taxes on everyone, effectively collecting tax on borrowed money and inflated assets (none of which you propose to repay- what luck would I have asking for the real-estate taxes I have paid for years on appraisals that were pure illusion?) I didn't hear you complaining when you saw massive, record revenues to the Treasury thanks to the boom the finance community facilitated and delivered to you, year in and year out. I didn't see you pointing fingers when we dug in and pulled your ass out of two recessions. Finance is a massive portion of the economy because it creates wealth. Period. Your social programs, state and local, are massive bloated vote-buyers because of our hard work, sweat and craft. (New York State, I'm looking at you). We work until mid-May for you and your vote purchasing juggernaut. I accept that. I have for years. This is because what I make from June to December is more than enough to, not just enjoy the American Dream and the promises of success and wealth, but to take the capital I collect over the years and invest it, again and again back into American business, start-ups, and even your fucked up GSE mortgage securities (which my taxes support). We carry the freight. 10% of us pay 70% of all income taxes. 50% of us pay 97% of all income taxes. We tolerate this because this is the promise of America. Work hard, pay taxes, and no one will second guess what you spend your money on in your personal time. No one will tell you how much is a "fair wage."

Now, now that you have run out of delaying tactics, you want to point the finger at... me?
Now that I have pushed the boundries of "fair use", please do go read the whole thing. Austrian lays it out, chapter and verse; the excerpt above is when he's just getting warmed up. Read it all.

We'll have words again soon.

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