Wednesday, August 5, 2009

The Schumer Bank Panic Revisited

We might start calling the original crisis of last July the Schumer Bank Panic. See Jerry Boyer's Article from last summer on how Chuck Schumer sent a threatening public email to a California bank which also received a threatening letter--on the same week-- from an ACORN related group, theirs regarding the bank's supposed heartlessness toward minority home buyers.

Because the Schumer letter was public, there was a run on the bank, starting the panic that led to a series of national troubles some of us hope we can emerge from someday.

However, we can't blame Senator Schumer for the bi-partisan underlying causes, although come to think of it, he was guilty there too.

This deeper cause might be best understood as neo-consumerism.

What is that? The right to a house, the right to health care, the right to a college education are monsters morphing into bubbles and subsequent crashes, a sense of entitlement that knows nothing of hard work and living within your means. We need to return to the stability of the old-school virtues.