Failures, politics, and economic health

Karl Rove describes one in the Wall Street Journal. The failure was an attempt to rein in the government sponsored entities (GSE). The failure of that effort is accompanied by the continuing stench of scandal caused by lobbying and special favors used to defeat it. The result of that failure was the demise of Fanny and Freddie that was one of the major stimulants for the current financial dump.

Another such failure was in attempts to reform Social Security. That has been a long time worry and the president-elect is making promises but it hasn’t hit the fan yet. When (and if) it does, it will make the current financial situation look tame.

These failures are of the ‘cutting off nose to spite face’ type. The opposition to finding solutions to major problems has hurt everyone. That was of no matter to the opposition. Other factors, such as defeating a political opponent, were the first priority. That is perhaps the most tragic failure, one that is shared by many of the terrorists we face who put death of themselves and their fellow citizens above peace and prosperity. It is a failure that leads to self destruction and that makes a failure to implement reform in the political process pale.

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