The Importance of the Rule of Law
The rule of law has been supplanted, particularly in the banking industry, by arbitrary ideological policy. Economic security and national security in general, requires a return to dedication to the rule of law.
Economists are starting to wake up to the fact that lawlessness has been endemic in US government financial policy for a long time.
I agree with Karl Denninger's assessment that, at variance with a recent WSJ opinion, for example, US officialdom has allowed lawlessness to prevail in finance since long before 2008. Except for one thing.
The law has not only been ignored and breached. It is MUCH worse than that. The CRA not only allowed banks to drop standards in a way that, in any normal country, would trigger legal measures or congressional investigations, it actually demanded that some of them do so.
Most economists today, even many conservative ones, have accepted the baloney that the CRA didn't really do much damage because it was hardly enforced for years and then only against certain banks.
The reality is that when other banks which were not mandated to lend to the "underserved communities" saw that these singled-out banks were obliged to lower their standards in a reckless manner, they understood that the government would have to stand behind them and bail them out too if the SHTF. Of course, they did. The banks that gambled on this — at least the big ones — won their gamble.
So let's stop thinking that the government only lowered their oversight standards. It was lots worse than that.
Obama is following this aggressive pattern of enforced lawlessness by suing states that dare to protect against illegal invasion (illegal aliens).
It is all part of a much bigger scheme to bring the entire house down upon us, as Sampson did the pillars of the temple. It is motivated by pure blind hatred of our country. As Dinesh D'Souza speculates, Obama is motivated by an anti-colonial animosity that takes the form of anti-Americanism.
But it's not just Obama. Beyond this, the entire political establishment did little to stop him and seems strangely implicit — insisting for example, that he was born in the US, although over 50 percent of us now have some degree of doubt about that. Like the Roman Empire, we have a serious lack of survival instinct in all aspects of our public life. It seems to me that there is a desire on the part of high ranking elites to destroy America so as to usher in a supranational, or world government and currency.
They may get something much different. Like Sampson, they may wind up with the roof crashing down on their heads.
See Article: The WSJ Wakes Up On The Rule Of Law
Image Credit: CC BY-SA 3.0 (Flikr)/User:AgnosticPreachersKid
- Tags: banks | Great Recession | Obama administration | rule of law
Comments (1)
Alan Wakefield
Both questions are easily and properly answered with a single Word: "GOD'S"
To depend on the Rule of Law, we must have rules that do not change with the majority, the corruption of the electorate, the Congress, the Executive and the courts.
William Blackstone, primary mentor to the Founding Fathers, gave us this unchanging guide:
"Upon these two foundations, the law of nature and the law of revelation, DEPEND ALL HUMAN LAWS; that is to say, NO HUMAN LAW SHOULD BE SUFFERED TO CONTRADICT THESE. There is, it is true, a great number of indifferent points, in which both the divine law and the natural leave a man at his own liberty; but which are found necessary for the benefit of society to be restrained within certain limits. And herein it is that human laws have their greatest force and efficacy; for, with regard to such points as are not indifferent, human laws are only declaratory of, and act in subordination to, the former." 1 Blackstone, Commentaries 42.
ANY HUMAN LAW THAT CONTRADICTS THE LAW OF GOD IS NOT VALID LAW.
"An act of the law is to be so limited in its operations that no right shall be prejudiced."1 2 Bl. Com. 123; 69 Ga. 400; Broom, Max. 127, 409. (Blackstone) Juxtapose that rule eith Romneycare/Obamacare for just one example of government gone wrong.