The overriding interest of the Republican Establishment has been and continues to be: the accumulation of power through the control of the income, borrowing and spending by the Federal Government. Thus, with the exception of the presidency of Ronald Reagan and the Republican controlled House of Representatives from 1995 to 1999, the Republican members of the Ruling Class have been content since 1952 to merely slow down the big-government policies of the Democrats while publicly decrying their tax and spend policies.
Mitt Romney is casting the 2012 campaign as "free enterprise on trial" - defining free enterprise as achieving success through hard work and risking-taking. Tea Party favorite Sen. Jim DeMint of South Carolina says he s supporting Romney because "we really need someone who understands how risk, taking risk" is the way we create jobs, create choices, expand freedom." Chamber of Commerce President Tom Donahue, defending Romney, explains "this economy is about risk. If you don t take risk, you can't have success."
"America worships the idea of capitalism but there have been many fundamental paradoxes and contradictions in terms of how it's actually practiced," says Gillian Tett, U.S. managing editor of The Financial Times. The 2008 crisis "has forced us to rethink a lot of our assumptions, not just about Wall Street but much more broadly about how we run the economies."
From GOP presidential contender Mitt Romney and Tea Party Sen. Jim DeMint (R-SC) to Sean Hannity and Bill O Reilly, a general consensus has emerged that the Obama administration is "anti-business." Yet any actual evidence of an effect from this putative bias has failed to materialize.
The Occupy Wall Street protests have called new attention to the root causes of the financial crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify.
President Obama s jobs bill, as written, died a predictable death in the Senate last night. Democrats were able to muster fifty-one votes for passage, but that s well short of the sixty needed to overcome a Republican filibuster.