Why Libertarians Should Have Absolutely Zero Sympathy for Weeping Progressive Democrats

It's definitely hard being a true-scotsman 'libertarian' in this world and I wanted to share something I read that really struck a chord with me and motivated me to slam around a bit on my keyboard...

"... I have no sympathy for weeping democrats. We libertarians live every day, every election, seeing horrible people get elected, and good ideas shot down. We are always the minority, we always lose, our rights are always trod upon. The democrats who are weeping crocodile tears because they have to live under Trump's Presidency for 4-8 years -- suck it up -- that's how it feels to be a libertarian all the time." -- N. Stephan Kinsella, author of 'Against Intellectual Property' and contributor to C4SIF

Personally, I've thoroughly enjoyed savoring the waves of salty, smug, Progressive crocodile tears. Let it be known that their melodramatic reaction is going exactly as predicted in a couple of pieces I wrote back in March ('YOUR GOD IS DEAD') and July ('A Tale of Unfathomable Triggering, Endless Tears, and the Self-induced Neutering of the Progressive Vanguard'), in addition to broadcasting their abyssal disconnection from America with constant proclamations of 'What Went Wrong?' and 'How Could This Have Happened?'.

"NOOOOOO!!!" -- Picasso's 'Weeping Woman', 1937.
Also, 'Progressive Democrats', 2016.

Of course, it's one thing to 'have no sympathy for weeping democrats' and another entirely to engage in a thorough bout of Schadenfreude, but I think it's well-deserved. Progressives have been, hands-down, one of the greatest threats to advancing and protecting liberty for as far back as libertarians can remember. During the past 8 years, SJW culture (the abominable love-child of Progressivism and political correctness), has relentlessly tried to shame and silence any and all dissent into this madness, using every social and economic tool at their disposal at both an individual and collective level. One might try to argue that they're just using social pressures to try to get their way, and 'at least they're not using the state' -- but it would be a trip into self-delusion to think that institutionalizing their ideas into the state and imposing them by the force and consequence of law is not the end-game, here.


The 'Referendum Creep' on Progressivism

Luckily, the election of Donald J. Trump as the President of the United States (no, that still hasn't quite sunk in, yet), along with the continued majorities in the House and Senate and safeguarding the SCOTUS likely for generations (along with the implications this has on past, present, and future law), has been an unbelievably devastating upset of a defeat that they may never recover from. Particularly so, when you consider the 'decimation' noted by The Washington Post regarding not just the presidency and congress, but of state legislatures and governorships throughout the country:

"We tend to focus on the loss of the presidency as the example of Democratic failure. That's blinkered. Since 2008, by our estimates, the party has shed 870 legislators and leaders at the state and federal levels -- and that estimate may be on the low side. As Donald Trump might put it, that's decimation times 50."

Stated differently, there has been an ongoing kind of 'referendum creep' on the Democratic Party for the past 8 years and it just recently culminated in the election of Donald Trump. Progressivism hasn't been in such a weakened position in many, many decades, but we can't let ourselves get too complacent and comfortable about all of this. This was a grave mistake they made and one of many reasons why they lost -- they were so easily duped by bullshit, skewed polling, smug talking heads and other political hacks, that it resulted in a thick fog over a vast rift between political reality and their delusional perspective of it.


A Black Hole of Identity Politics

Identity politics, despite its vacuousness of actual ideas, has been a mainstay of Progressive, SJW, and Democrat strategy for a long while, now, with Hillary and her surrogates doubling-down on this, thinking it would secure the presidency. Identity politics obviously didn't secure her a win, so maybe it can excuse her loss? Van Jones, et al, want to paint an early narrative that this all was some kind of racist 'whitelash'. Ah, of course -- this is the great revenge of the slave-owning white man! Isn't that right?

"Or maybe not. The exit polls are remarkable. Would you believe that Mitt Romney won a greater percentage of the white vote than Donald Trump? Mitt took 59 percent while Trump won 58 percent. Would you believe that Trump improved the GOP’s position with black and Hispanic voters? Obama won 93 percent of the black vote. Hillary won 88 percent. Obama won 71 percent of the Latino vote. Hillary won 65 percent. Critically, millions of minority voters apparently stayed home. Trump’s total vote is likely to land somewhere between John McCain’s and Romney’s (and well short of George W. Bush’s 2004 total), while the Democrats have lost almost 10 million voters since 2008."

Okay, well... men are obviously threatened by a woman leading the country. Even though women did the right thing of voting with their vaginas, men did the wrong thing of voting with their penises, right? In the articulate words of Donald Trump, "Wrong".

"In fact, Trump beat Clinton among white women 53 percent to 43 percent, with white women without college degrees going for [Trump] two to one."

Fine, so it wasn't the 'white male patriarchy', but what about those nefarious third parties? If not for their election spoiling and the irresponsible, short-sighted, liberal non-Hillary-voters voting for them, Hillary would have dominated, correct? Nope -- Wrong again.

"CBS News' exit poll posed the hypothetical question of who third party voters would support if the race were only Clinton and Trump, and both Johnson and Stein supporters appeared to support Clinton over Trump by about 25 percent to 15 percent. But 55 percent of Johnson's supporters would have just sat out the election, as would 61 percent of Jill Stein supporters. According to New York Times exit polling, a whopping 63 percent of voters who declined to cast their ballot for the two major party candidates said they would have not voted at all in a two candidate race."

Conclusively, simply not enough people were willing to turn out to vote for Hillary and her Democratic Party, and that fact cuts across sex, race, and class. The 'referendum creep' struck in her loss and it struck again in all of the contrived excuses for her loss. Identity politics is an abject failure in every meaningful way and the people have come to recognize that -- so much so that they have handed the Republican party almost complete free reign to do as they please (remember, they still don't have a super-majority).

In light of recognizing the political reality of this 'new normal', some Progressives in the fourth and fifth estates have taken this all better than others. Some have engaged in a well-deserved deep reflection of their journalistic failures (see here, here, here, here, and here) whereas others think they should retreat further into their anti-intellectual swamp of delusion and dishonesty (here, here, here, here, and here). Even the November 11th episode of 'Real Time With Bill Maher' shows Bill actually starting to understand and articulate a part of 'what happened' and their inability or unwillingness to see it. Unfortunately, his entire panel regularly drowns him out, retreating back into their swamp, dragging him along with them. Sad!

Yet, while I'm sure there may be some genuine feeling from these kinds of folks regardless of how they're rationalizing the news, I do believe that both approaches of self-reflection and self-delusion serve different tactics of self-preservation (likely depending on the political environments they work in) and, thus, should be taken with a giant heaping of salt.

That salt, of course, should be harvested from their tears.


So Where Do We go From Here?

It's important to note that while Progressivism as an ideology may be much more 'hardy' and take a couple more knock-out hits before going down for the count, SJW culture has still been in its infancy. As such, we need to turn the tables and do what we can to strangle it in its crib while it's in such a weakened state and while we still can. It's not a serious threat (and even less so after the election), now, but if and when such a movement were to mature and place its hands on the levers of state power? The consequences and slippery slopes for protecting, let alone advancing liberty, will be dire.

As Sun Tzu said, 'opportunities arise as you seize them'. So how do we do this? How do we 'turn the tables' on SJWs and Progressives to maximize this opportunity? Apart from actually going out and voting (and getting as many others to vote as possible), one thing I've found that they always used much more consistently and effectively than anyone else has been shaming, ostracism, and boycotting. This has been their primary social tactic and it, all too often, has shut down debate and silenced the opposition of good ideas and counter-arguments. It's high time we put an end to it. No more having to go on the defensive from dishonest charges of 'racism', 'sexism', 'hate', and other such nonsense. It's all an intellectual retreat, and they know it. We're smarter, more knowledgeable, wittier, and we have reality on our side. We've allowed them to be shameless with their dishonest tactics for too long, having overplayed their hand and rendered toothless and virtually meaningless some very important concepts to signal legitimately bad people in society. So while we must continue to intellectually destroy their arguments, we should especially focus on helping them rediscover their shame and turn their charges around on them at any and every opportunity we find. We should take a page from their own playbook and they should be mocked, shamed, and boycotted back into that brain-dead and dishonest swamp they crawled out of.

And now, for your moment of zen...

It's Time to put the Blame for 'The Great Recession' Firmly Where it Belongs.

This is a great interview with Michael Burry, the actual market genius (played by actor Christian Bale) from the movie 'The Big Short' -- and yes, this guy is on-point. People need to stop trying to lay the blame at the feet 'unfettered free markets' while trying to absolve all of the actors in the shit-show that was the Great Recession. There's plenty of blame to go around -- but especially so for the US Government, the Federal Reserve, and GSE's like FME and FRC.

On to some snippets from the interview...

NYMAG: When I spoke to some of the other real-life characters from The Big Short, I was surprised to hear that they thought that financial reform was pretty effective and that the system was much safer. Michael Lewis disagreed. In your opinion, did the crash result in any positive changes?

Michael Burry: Unfortunately, not many that I can see. The biggest hope I had was that we would enter a new era of personal responsibility. Instead, we doubled down on blaming others, and this is long-term tragic. Too, the crisis, incredibly, made the biggest banks bigger. And it made the Federal Reserve, an unelected body, even more powerful and therefore more relevant. The major reform legislation, Dodd-Frank, was named after two guys bought and sold by special interests, and one of them should be shouldering a good amount of blame for the crisis. Banks were forced, by the government, to save some of the worst lenders in the housing bubble, then the government turned around and pilloried the banks for the crimes of the companies they were forced to acquire. The zero interest-rate policy broke the social contract for generations of hardworking Americans who saved for retirement, only to find their savings are not nearly enough. And the interest the Federal Reserve pays on the excess reserves of lending institutions broke the money multiplier and handcuffed lending to small and midsized enterprises, where the majority of job creation and upward mobility in wages occurs. Government policies and regulations in the postcrisis era have aided the hollowing-out of middle America far more than anything the private sector has done. These changes even expanded the wealth gap by making asset owners richer at the expense of renters. Maybe there are some positive changes in there, but it seems I fail to see beyond the absurdity.

NYM: How do you think all of this affected people's perception of the System, in general?

MB: The postcrisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense. The enablers for this crisis were varied, and it starts not with the bank but with decisions by individuals to borrow to finance a better life, and that is one very loaded decision. This crisis was such a bona fide 100-year flood that the entire world is still trying to dig out of the mud seven years later. Yet so few took responsibility for having any part in it, and the reason is simple: All these people found others to blame, and to that extent, an unhelpful narrative was created. Whether it’s the one percent or hedge funds or Wall Street, I do not think society is well served by failing to encourage every last American to look within. This crisis truly took a village, and most of the villagers themselves are not without some personal responsibility for the circumstances in which they found themselves. We should be teaching our kids to be better citizens through personal responsibility, not by the example of blame.

NYM: Where do we stand now, economically?

MB: Well, we are right back at it: trying to stimulate growth through easy money. It hasn’t worked, but it’s the only tool the Fed’s got. Meanwhile, the Fed’s policies widen the wealth gap, which feeds political extremism, forcing gridlock in Washington. It seems the world is headed toward negative real interest rates on a global scale. This is toxic. Interest rates are used to price risk, and so in the current environment, the risk-pricing mechanism is broken. That is not healthy for an economy. We are building up terrific stresses in the system, and any fault lines there will certainly harm the outlook.

NYM: What makes you most nervous about the future?

MB: Debt. The idea that growth will remedy our debts is so addictive for politicians, but the citizens end up paying the price. The public sector has really stepped up as a consumer of debt. The Federal Reserve’s balance sheet is leveraged 77:1. Like I said, the absurdity, it just befuddles me.

The absurdity is befuddling, indeed.

Also, let's get the details straight. The crisis pervaded almost 1,000 out of the United States' 6,900 banks, particularly the largest ones that got involved in the sub-prime market, mortgage-backed securities, and credit-default swaps. Not all US banks got mixed up in all of these toxic assets. Most banks stayed pretty conservative and smart with their lending and risk management and didn't need a bailout. I actually worked for one of these east-coast banks for three years immediately following the recession -- and they very much took advantage of the situation. Most of them weathered the financial crisis very well, considering.

Additionally, I continue to hear and read this utter nonsense that 'economic deregulation caused the crisis'. It's just complete and total silliness. This alleged 'economic deregulation' that all of these ignorant Pro-regressives like to refer to involved a 1999 repeal of two provisions (not the whole act, which is usually the first sign that the person you're talking to is regurgitating half-truths) of what was called the Glass-Steagall Act (also known as the 'U.S. Banking Act of 1933'). These two provisions separated commercial banking and investment banking activities so as to try to keep these industries isolated from eachother within the same company. However, the repeal of these provisions of this act had nothing to do with what caused the crisis. If it did, then Canada, which was definitely affected by the crisis, would have experienced many of the same problems. Well, it didn't, even though Canada didn't have anything like Glass-Steagall. Canada weathered the crisis pretty well, actually -- they certainly fared a lot better than the US, all while mixing commercial and investment banking since, well, forever in their banking history.

But, hey, don't just take my word for it -- take it from Former Deputy Governor Jean Boivin (2010-2012), himself, of the (Central) Bank of Canada. They had a sharp, deep recession, and immediately bounced right back -- faster, even, than the past couple recessions.

Hell, the entire claim of 'economic deregulation under Bush' is just absurd, even apart from all of this. Looking at the Code of Federal Regulations (CFR), there has not been a single president, since at least Jimmy Carter (elected in 1976), and I'm pretty sure since even before FDR (obviously), who actually cut regulations on net. As a matter of fact, individual regulatory restrictions increased anywhere from a 57,000 minimum under Bill Clinton, to up to 105,000 under Barack Obama -- and Barry's numbers are based on stats only two years into his second term. At that rate, he'll hit 140,000 additional regulatory restrictions over the course of his presidency. The last I checked, the CFR currently stood at an approximated whopping 160,000 pages long. The whole idea or claim from pro-regressives, et al, that we have some vestige of a 'free market' -- is nothing short of complete and total  willful delusion.

Back to the factors that played into the Great Recession. Yes, there's plenty of blame to go around -- but where does it start, really? Certain actors set the stage for this all to take place. It was all done with good intentions, of course. Home ownership for all -- regardless of income, savings, or credit-worthiness! Near-zero interest rates, always! Infinite economic growth and increasing home prices, forever and ever! Equities, through the roof, with no end in sight! Central planning and micro-managing has defeated the free market! Consume everything! Produce nothing! Finance debt with more debt! Dig holes and fill them back up again! Move water with a bucket from one end of the pool, with water splashing out everywhere, and dump it into the other end of the pool, to end up with more water! See? All of our contrived and/or broken measuring instruments say-so!

But you know what they say... the road to hell is paved with good intentions. And it's never paved as well as it is with the arrogance of government bureaucrats.

The US Government expanded the Community Reinvestment Act under Clinton, pushing more people towards home-ownership that often weren't ready for it. They pressed the issue further by mounting increasing regulations over the financial and banking industry, punishing banks if they didn't lend to riskier individuals and families, and rewarding them if they did. You've got all of the other major financial regulations -- one for every letter of the alphabet, and then some. Throw into this mix a Federal Reserve that sets absurdly artificially low interest rates for extended periods of time, within a highly materialistic culture that loves to live beyond its means and is all too eager to accept easy credit -- and you naturally have a bubbling cauldron ready to explode.

I am and have long been with people like Michael Burry on where we were and we're headed. The path we're marching towards is a minefield that could set off a global financial crisis the likes of which we've never seen, and we're trying to fix the same old problems with the same old tools that caused those problems in the first place. Now, the Federal Reserve is stuck between a rock and a hard place -- the US economy is addicted to low interest rates, like a heroin addict. If it doesn't get its fix, it goes into a ruthless withdrawal. Eventually, the same old dose doesn't work its magic and bring the same euphoric high, anymore, and so now there's talk of entertaining the possibility of negative interest rate territory to get the same effect. Near-zero rates aren't having the effect they used to, anymore. Even increasing the Federal Funds Rate a measly quarter of a point sent the markets reeling. Yes, a major factor in the equities drop was an 'oversupply' of oil, but the rate hike couldn't have come at a seemingly worse time.

In the end, the US Government and Federal reserve is just kicking a snowball further down the road that continues to get bigger and bigger. Eventually, that snowball will roll up on a hill, and roll right back down on each and every one of us in an avalanche.

Source on the regulatory restriction numbers, here.