John Ransom

For those people worried about the overthrow of the social order, the establishment of dictatorship, you’re too late.

It’s already here.

And no, this is not an exercise in rhetoric.

Here are the facts:

In a campaign swing through Colorado, Obama tried again to buy off voters with another bailout program. But unlike the mortgage meltdown, the sole and immediate creator of this newest financial crisis has been Obama via the federal government.

It looks to me like it was a crisis that was designed on purpose.

From our contributor Bob Beauprez:

At another campaign style event in Denver today President Obama announced a "student loan relief" plan that could affect more than 6 million borrowers.  This will be the third day in a row that Obama has announced a populist scheme by executive order completely bypassing the "consent of the governed" and the Constitutional authority reserved for Congress.  Earlier this week he rolled out enticements targeted at underwater homeowners and out of work veterans.

While Wall Street certainly had some culpability in the mortgage mess- and I would argue very little culpability compared to Washington- the student loan mess is all Obama’s own.

Who gave loans to students that they would never be able to repay? Not Wall Street. Not greedy millionaires and billionaires. The millionaire and billionaire Democrats, led by Obama, did of course.

They applied the same unsustainable math to the secondary education sector that they used in the real estate market in order to saddle future generations with a crushing private debt burden; as if it wasn’t enough already that they have saddled future generations with a crushing public debt burden.

Now, the six million students, who own more debt than credit card holders in the United States do, are 100 percent dependent on the federal government for their leave. They are like serfs, living at the pleasure of a Lord of the Manor.

And while this may be the newest and least subtle attempt to create permanent underclass, wholly dependent on the federal government, it’s not the only or even the most successful attempt to create a dictatorship on the backs of the working class and middle-class.  


John Ransom

John Ransom is the Finance Editor for Townhall Finance.