The American Spectator

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FED WATCH
Re: Brian Wesbury's Obama's Rock Is Not Capitalism:

Brian Wesbury says, "...the government is at least 75 percent responsible for the financial market crisis. Alan Greenspan's extremely easy monetary policy (1 percent interest rates) and the government's willingness to use Fannie Mae and Freddie Mac to hold mortgage rates down artificially and encourage more people to buy houses are a major source of the problem. Yes, financial firms (and individuals) made mistakes, but when government creates an artificially attractive environment to buy houses, it's easy to understand why a bubble forms. "

The government deserves plenty of blame for the current economic crisis, but monetary policy is not part of it. The government has no control over monetary policy. The Federal Reserve is a cartel of private banks whose monopoly control over the money supply is enforced by the government. Courts have ruled that regional Federal Reserve banks are private corporations, owned and controlled by the member banks.

Government affects money supply by spending, borrowing, and taxing. It also contributed to this crisis through laws which authorized various litigation -- forcing banks to loan to unworthy borrowers because they were part of a minority group, etc.

The basic philosophy of our Founders was to set various interests and power centers against each other. I support a limited free market -- not because men, when left to their own devices, will naturally make decisions which are wise and just; but because men cannot be trusted with the awesome power to manage an economy. In this as in all matters, we are well advised to pray.

How much money there should be is a difficult question, but it is one of those questions which belong to the province of government. If our money were issued by the Treasury, then Wesbury could legitimately hold government responsible for the effects of monetary policy. History indicates that voters do understand that, and do hold politicians responsible.
-- DuPree Moore

A CHANCE TO EVANGELIZE
Re: Jill Hiller's letter (under "Moderately Weak") in Reader Mail's Ford-ing the Gap:

The Catholic Church has openly supported an open borders policy and willingly provides support (financial and otherwise) to illegal aliens once they are here. Apparently the Catholic Church has no problem in subverting the laws of the United States on their behalf.

I will take the Catholic Church's position on that subject seriously the day they take down the wall surrounding the Vatican. If they are such strong advocates of open borders, let's see them practice what they preach.
-- Garry Greenwood
Gearhart, Oregon

FORD THE RECORD, AGAIN
Re: Afred D. Ironside's letter (under "Ford the Record") in Reader Mail's Ford-ing the Gap:

It's good to hear from Mr. Ironside, but I'm not sure that he engages any of my central points. First, while he may have felt my commentary was  "light-hearted, " Ford's low-paid employees are feeling real, life-changing pain as management squeezes them out in mid-recession. Secondly, my information is that only low-paid staffers are being asked to take the hits in the New York office. I will be glad to correct any misimpression I may have created: can Mr. Ironside tell us what if any cuts have been imposed on, say, the ten highest-paid employees? And third, my comments about Ford's Directors were not to suggest that they are not good people, of course, but simply to note that they do not compare in public eminence with their predecessors. That's a fact.
-- Neal B. Freeman