Misrepresenting "How We Arrived at This Moment"

By Alex Epstein

What must be done to recover from this financial crisis? Barack Obama rightly stresses that we first must understand how today’s problems emerged. It is “only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament.”

Unfortunately, Obama (along with most of the Washington establishment) has created only misunderstanding. In calling for a massive increase in government control over the economy, he has evaded the mountain of evidence implicating the government.

For example, Obama’s core explanation of all the destructive behavior leading up to today’s crisis is that the market was too free. But the market that led to today’s crisis was systematically manipulated by government. Fact: this decade saw drastic attempts by the government to control the housing and financial markets–via a Federal Reserve that cut interest rates to all-time lows, and via a gigantic increase in Fannie Mae and Freddie Mac’s size and influence. Fact: through these entities, the government sought to “stimulate the economy” and promote homeownership (sound familiar?) by artificially extending cheap credit to home-buyers. Fact: most of the (very few) economists who actually predicted the financial crisis blame Fed policy or housing policy for inflating a bubble that was bound to collapse.
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Florida Legislature sets special session to discuss $2.3 billion budget shortfall

It’s official.

The Legislature will meet in special session Jan. 5-16 to true up the state’s budget and the $2.3 billion gap between revenue and spending. Gambling and cigarette taxes are definitely out. Class-size spending and increased speeding fines are in.

House Speaker Ray Sansom and Senate President Jeff Atwater on Tuesday evening signed the call for the special session, a constitutionally required step for the Legislature to meet outside its required 60-day spring session. The call signed by Atwater and Sansom also sets out the limits of what can be considered for lawmakers. Anything outside the call requires a super majority of lawmakers to be taken up.

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Ethics complaint filed against Sansom

Pressure continues to mount on House Speaker Ray Sansom, who now faces an ethics complaint filed by a Clearwater man.

“Somebody’s got to say something,” David Plyer, a retired electrical engineer, said Monday. “Those elected officials all seem to be quiet, and they seem to be part of the same club.”

Plyer alleges in his complaint that the powerful Destin Republican improperly steered $24.5 million in taxpayer dollars to Northwest Florida State College before accepting a $110,000 job as a school vice president. The complaint cites an ethics law that prohibits a public official from “corruptly” using his or her authority to, “secure a special privilege, benefit, or exemption for himself, herself or others.”
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Crist weighs moratorium on foreclosures

Continues to give Republicans a bad name

US Constitution, Article 1, Section 10:
“No State shall… pass any… Law impairing the Obligation of Contracts…

Gov. Charlie Crist said Monday he is considering ordering a moratorium on home foreclosures, “especially during the holidays.”

In an informal gathering with reporters following a news conference, Crist was asked what he thought of copying California Gov. Arnold Schwarzenegger’s 90-day moratorium on home foreclosures.
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Gay-marriage ban in constitution

Neither side was ready to concede late Tuesday in the vote over Amendment 2.

Early this morning, Amendment 2 was passing with 62.2 percent of the vote, above the three-fifths required for passage. Here’s the count:

Yes: 4,616,271
No: 2,810,313

Both sides said the final results would be close.
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Outlook bleak for Florida budget

Dire economic circumstances call for severe responses, a fact reflected in contingency plans drawn up by state agencies as Gov. Charlie Crist begins his budget-building process.

Crist asked his agencies to provide requests that included plans for a 10-percent cut. He’s hoping that’s not what’s required when he presents his version of the state’s spending plan in January, but his department heads have painted what it would look like if it were.

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Florida officials: Sell state jet to save big money

The Legislature’s fiscal watchdog said Monday taxpayers could save big money by unloading the state’s executive jet and letting many of Florida’s top officials contend with Tallahassee’s notoriously bad commercial air service.
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Updated: Crist optimistic after Florida budget gets $672 million patch

Despite the transfer of $672 million to patch the state budget, which left nearly $800 million still needed to balance state spending with projected revenues, Gov. Charlie Crist today expressed optimism and confidence in Florida’s fiscal outlook.
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Florida Attorney General McCollum: Election will be ‘knock-down, drag-out fight’

ST. PAUL — They watched the meteoric rise of an obscure Alaska governor and the ascendance of a presidential campaign that pundits pronounced dead just eight months ago.
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Amendments booted from Nov. 4 ballot

A unanimous Florida Supreme Court took much of the controversy out of the 2008 election Wednesday, swiftly scuttling three constitutional amendments proposed by the Tax and Budget Reform Commission.
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