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29 inches of snow expected to fall in
George Lange | Paul Nunn Barrow, Alaska this winter.
Last month, we looked at how the recent financial crisis could be understood through newspaper headlines that ran as
the economic turmoil unfolded. For now, the worst of the financial chaos seems to be at bay. But one sector of the economy
that is still riddled with uncertainty is the same place it all began: housing.
Three years after the Great Recession about the exuberance in the housing mar- Mac well in advance of their collapse.
started, the housing market is still in tat- ket. In a piece titled, Nevertheless, his aggressive “affordable
ters. In 2010, banks repossessed a record homes” agenda makes him at least com-
number of homes -- over 1.1 million. Not “Going through the roof,” plicit in what transpired.
to mention, there are currently around 5
million homeowners more than 60 days the magazine spoke of unusually fast Nothing to See Here
late in their mortgage payments. increases in home prices and observed,
“You might have expected the early Throughout the decade, there were many
The story of how we got here is now 1990s house-price crash to have made familiar faces assuring the public that Fan
fairly well known: various governmental homebuyers wary.” A year later, the and Fred were fine.
policies instigated an undue amount of magazine ran another article,
“moral hazard” in the housing sector; this Among them were Peter Orszag, the head
led to a buying frenzy, including many “House of Cards,” of the White House’s Office of Manage-
mortgages being taken out for homes the ment and Budget for the first 18 months
borrowers couldn’t afford. When recipi- which suggested that the stock market of President Obama’s administration, and
ents of these loans began defaulting, the bubble of the beginning of the decade Joseph Stiglitz, another favorite liberal
institutions that were underwriting them had been replaced by a bubble in property
economist. In a 2002 report that served
(directly or indirectly) took a serious hit. values.
as an audit of the GSEs, the pair conclud-
This distress eventually spread through-
ed that based on “historical experience,
out the rest of the economy. But these and other warning signs were,
the risk to the government from a poten-
by and large, ignored. The early 2000s
tial default on GSE debt is effectively
The evidence of government culpability engendered a lust for house buying that
zero.” To further ensure taxpayers, the
in the meltdown is undeniable. Notably, was largely ignited by political pressure
paper included the caveat: “Even if the
the government sponsored entities (GSEs), to increase home ownership. While
analysis is off by an order of magnitude,
Fannie Mae and Freddie Mac, operated Democrats often get pegged for igniting
however, the expected cost to the govern-
in an inordinately risky manner with little this frenzy, Republicans certainly deserve
oversight. For these mistakes, taxpayers a healthy portion of the blame. ment is still very modest.”
were ultimately left footing the bill – cur-
rently around $150 billion and counting. In a June 2002 speech, George W. Bush A year later, when some problems were
stated, “the single greatest barrier to first brought to light, Barney Frank famously
A look at media coverage before, during, time homeownership is a high down pay- declared that he was not concerned and
and since the housing bubble burst pro- ment. It is really hard for many, many, wanted to “roll the dice a little bit more
vides valuable insight into the irrational low-income families to make the high in this situation towards subsidized
behavior that was fostered by the federal down payment.” In the same speech, he housing.” Afterall, the American dream
government. It also gives context to the set the goal of increasing minority home seemed to be reaching new heights –
remaining problems in housing that could ownership by at least 5.5 million by 2010. home ownership would soon hit an
be used to steer us toward the clear. To this end, he laid out a number of tax all-time high of 69 percent.
credits and subsidies aimed at helping
Home Security? Americans buy homes. And the good times seemed to keep
on rolling. A June 2005 cover of Time
As early as 2002, media outlets, such as To the President’s credit, he did push for magazine featured a cartoon picture of a
The Economist, were reporting skepticism the reform of Fannie Mae and Freddie man hugging a house with the headline
Many people today think that because the best forms of government Man becomes self-governing as he is
religion should be kept separate from in bad hands can do nothing great or subject to God and His truth. Morality
government, but in truth, the faith of good. A people must be prepared from cannot exist separate from religion.
a people is the most important aspect within to live in liberty. Man’s most precious possession, his
The republic’s power is the internal conscience, responds to right or wrong
of civil society. George Washington principles that reside in the lives of the put in his heart by his Creator. The
wrote in his “Farewell Address” American populace. Any people who strongest force to bring union among
in 1796, “[of] all the dispositions desire to live free must be self-gov- a people is a common faith. Education
and habits which lead to political erned, work together in union for the that will propagate liberty must sow
prosperity, religion and morality common good, recognize the value of seeds of truth. All truth originates with
are indispensable supports.” the individual, protect property rights, God.
and be knowledgeable and moral. No- For the fundamental rights of man
Our Founders believed that it was tice from the diagram that the founda- to be secure from government, the
not just faith in any god or religion that tional building block of a free nation is people must recognize that these rights
formed the foundation of free societ- faith in God. Each one of the principles are endowed by their Creator, and not
ies, but it was specifically the Christian that must be a part of people’s lives granted by government. If people think
religion and faith in the true God. In for a free nation to be established and that government, or man, is the source
maintained requires the indispensable of rights then government can take
fact, signer of the Declaration Benjamin
support of the Creator. away these rights. But if God gives
Rush wrote in 1806: “Christianity is the
The uniqueness and value of man rights to men, they are inalienable.
only true and perfect religion, and that
comes from his being created by God. A fundamental question in securing
in proportion as mankind adopts its
principles and obeys its precepts, they
Enlightenment
will be wise and happy.”
All nations are religious. All nations
are built upon some religion, that is,
upon some set of presuppositions
about life, law, right, truth, and morality
that is ultimately rooted in the faith of
the people. A people’s faith determines
a people’s character and worldview,
which in turn determines how free,
prosperous, just, and virtuous the na-
tion is. In short, the religion of a people
is the life-blood of the nation. It is the
primary seed that produces fruit in
every sphere of life.
President John Adams wrote that,
“[our] Constitution was made only for a
moral and religious people. It is wholly
inadequate to the government of any
other.” Why is this? Only a moral and
religious people can provide the power
or principles necessary to support our
unique form of government. Diagram 1
depicts the power and form of our con-
stitutional republic. The pillars in this
diagram represent the framework of our
free nation and include such concepts
as constitutionalism, decentralization of
power, separation of powers, election
of representatives, and separation of
jurisdictions. This framework has been
an important component in the United
States becoming the most free and
prosperous nation the world has ever
seen. But more important than the
form is the power of our republic. In
fact, the form cannot exist without the
power. Good structures are not enough Diagram 1. The Power and Form of Free Governments
How important was education to the Founders? As early as 1765, John Adams wrote in his Dissertation on
the Canon and Feudal Law “The preservation of the means of knowledge among the lowest ranks is of more
importance to the public than all of the property of all the rich men in the country.” Although some modern
conservatives disparage public schools (or “government schools” as they are sometimes called), it might
surprise many to find that virtually all of the Founders agreed with the basic premise of public education, and
that many of them insisted on the concept of “free schools” (i.e., schools paid for at the public expense
so as to be free to anyone) as the best means to tear down aristocracy.
Dr. Benjamin Rush, for example, practicable but easy to every citizen.” Schools, if they taught nothing else,
found the idea of public schools so Thomas Jefferson, seeing the only had to prepare students to know of the
obvious that he said “to a people “safe depository” of public powers existence of God and to appreciate the
enlightened in the principles of liberty as resting in the people, argued that liberty they enjoyed. As James Madison
and Christianity, arguments... will be if those who governed thought the said, “An institution which endeavors
unnecessary to persuade them to people insufficiently enlightened, “the to rear American youth in pure love of
adopt these necessary and useful remedy is not to take it from them, but truth and duty . . . endeavors to awaken
institutions.” James Madison agreed, to inform their discretion by education.” a love of country; to soften local preju-
stating: “It is universally admitted that How, then, did the entire concept of dices; and to innoculate Christian faith
a well-instructed people alone can be public education become so distrusted and chastity [and it] cannot but acquire
permanently a free people.” And so did and even hated by many modern lovers . . . the confidence of the wise and
James Monroe in 1801: “In a govern- of liberty? The answer lies not in how good [emphasis in Madison’s original].”
ment founded on the sovereignty of schools are funded but in what they Note that Madison can hardly be called
the people, the education of youth is teach. First and foremost, the Found- a fan of “institutionalized religion,”
an object of first importance [and] the ers understood that the essence of and is often cited in the “separation of
means of acquiring it made not only education was religion and patriotism. church and state” arguments.
If you have ever wondered it really matter? What if we never and emotions and instincts, indispens-
whether your life has meaning—if strived to follow our hearts? Would able to the future. To the extent that
you have a real and specific purpose anything really be lost other than the you follow your heart and become the
on this good earth—you are by no transient pleasures of self-expression person you were meant to be, nothing
and satisfied ego? Does it really matter short of that is success and anything
means alone. Nearly everyone asks
very much, in the long run, whether short of it cheats all of us of your true,
this question at some point, but too we are free to follow our dreams, or if real, undeniable potential to make life
few of us really search for the answer. we only partially pursue them, or keep better not just for yourself, but for every
Maybe because we fear learning that them completely under wraps? living being. If that sounds too optimis-
we are dispensable. I promise you it does. tic or too dramatic or even too anxiety-
I promise you that you are, as an provoking let me explain why you might
What if we were never born? Would individual with your particular intellect consider it simply this: The Truth.
Lincoln or
rme
Albert Einstein.
But they are
good examples
nt
of what would be
lost to civilization
had they
been
stymied
in their
quests
for self-expression.
Had just those
three individuals
gone missing
from the planet,
or been discouraged from
pursuing their gifts, much
would be different for all of us.
Every single one of us has the
canvas of our own creativity upon
which we must paint with clarity and
real heart. Every one of us has inven-
tive impulses, political thoughts, chari-
table desires or intellectual passions we
must crystallize and share. Because
we can’t know for sure
Entrep
An Op/Ed By Greg Pesci
rene
Entrepreneurs, free to pursue their rifice, and that what we really needed
economic dreams, built America! was increased government control and
higher taxes (sound familiar?). Presi-
urship
They are, and always have been, its
creators of jobs, growth, and wealth. dent Carter presided over a period of
general “malaise.”
In 1831, Alexis de Tocqueville wrote Yet, in the midst of this “malaise,” a
in Democracy in America: different future was being created. En-
“It may be said that, in the United trepreneurs in the private sector were
States, there is no limit to the inven- busy founding new companies and in-
tiveness of man to discover the ways novating. These entrepreneurs had the
of increasing wealth and to satisfy the faith and guts to take action and pursue
public’s needs.” He continued, “the their dreams. Their innovations were
primary reason for [America’s] rapid a powerful force for leading America
progress, their strength and greatness out of the malaise and into economic
is their bold approach to industrial growth. Maybe you have heard of a
undertakings.” What impressed De few of the companies founded during
Tocqueville most about business in this period when supposedly America’s reasonable and enforceable immigration
America was “not so much the mar- best days had passed: Apple; FedEx; policy, it can continue to do so into the
velous grandeur of some undertaking Microsoft; and Southwest Airlines. The future. Many of the world’s best and
as the innumerable multitude of small efforts of these entrepreneurs have brightest still want to come here and
ones.” stood the test of time. All four of these we should welcome them. Immigrants
Data from the Census Bureau (Busi- companies were listed on Fortune’s are much more likely to work as entre-
ness Dynamics Statistics) demonstrate 2009 List of the 10 Most Admired Com- preneurs, creating small businesses
that since 1977 American entrepreneurs panies in the world. and associated jobs. In every census
The efforts of today’s entrepreneurs from 1880 to 1990, immigrants were
in firms less than five years old have
hold the same promise for America’s more likely to be self-employed than
been responsible for literally all the net
future. They are not looking to the natives. And they are starting a dis-
job creation in this country. For more
government to create jobs or waiting proportionate number of high tech, sci-
than 30 years, new companies have led
for others to do so. They are out there, ence-driven companies. A recent study
job creation in America. Recently, Carl
by the hundreds of thousands, creating from Duke and UC Berkeley found
J. Schramm of the Kauffman Founda-
jobs for themselves and others. These that 52% of engineering and technol-
tion stated, “new and young companies
Americans are generating the innova- ogy startup companies founded from
and the entrepreneurs that create them
tions that will refresh and renew our 1995 to 2005 in Silicon Valley had one
are the engines of job creation and
economy. A future “Google” is being or more immigrants as a key founder.
eventual recovery.” With 9.8 percent
created right now. These new immigrants remind us of
unemployment, if we want to create
Following are just two of the rea- what is so great about this country, and
jobs in America we need to free up
sons I believe this to be true. First, why our ancestors came here.
entrepreneurs and not burden them
Perhaps President Reagan best
with increased taxes or regulation. entrepreneurship is not just for the
young. This is an important fact for an described how entrepreneurs can lead
Especially encouraging during
aging America. A Kauffman Foundation this country to a better day:
these hard times is evidence that past
recessions have not prevented entre- report states that the average age of Entrepreneurs have always been
preneurs from founding companies and U.S.-born tech company founders is leaders in America. They led the
creating jobs. Since 1977, America has 39 years old. More than twice as many rebellion against excessive taxation
averaged roughly 600,000 new firms founders were older than fifty than were and regulation. They and their off-
formed each year. Through good times younger than twenty-five. Between spring pushed back the frontier,
and bad, that number has remained 1996 and 2008, more people between transforming the wilderness into a
fairly constant. Even more encouraging the ages of fifty-five and sixty-four land of plenty. Their knowledge and
for today’s entrepreneurs is the fact that started businesses than did people contributions have sustained us in
half of today’s Fortune 500 companies between the ages of twenty and thirty- wartime, [and] brought us out of
were founded in a recession or bear four. These “seasoned” entrepreneurs recessions... Governments reduce
market. bring considerable life experience and deficits by controlling spending and
In the 1970s, conventional wisdom wisdom to the tasks of innovating and stimulating new wealth, wealth from
said that America’s time as a vibrant, starting new businesses that create jobs. investments of brave people with
innovative economy had passed. We Second, despite the sometimes po- hope for the future, trust in their
experienced Vietnam, Watergate, high litically charged discussions surround- fellow man, and faith in God.
interest rates, high unemployment, and ing it today, history demonstrates that
double-digit inflation. We were told immigration has fostered entrepreneur- Entrepreneurs will lead the way out.
ours was a future of scarcity and sac- ship in America. If we can settle on a Bring on the entrepreneurs!
It was late in the game as Wisconsin Following the rules is good sportsmanship. “Bottom line is the game is over. You’re
quarterback Jon Budmayr dropped back to Deciding not to try your hardest for a just trying to embarrass the other team.”
pass deep in his own territory, scrambled left portion of the game is the opposite of No, the bottom line is that the game
to avoid the rush, and noticed wide receiver good sportsmanship. A true sportsman is never over until there are zero seconds
Jared Abbrederis streaking deep down the has enough respect for the sport to try his left on the clock. Ask the Houston Oilers,
field in single coverage. Budmayr threw it hardest for the entire game. who led 35-3 in a playoff game against the
as far as he could, and it was a good thing, “It makes the other team feel bad.” Buffalo Bills and their backup quarterback
because it cleared the outstretched fingertips This is typical participation-trophy- Frank Reich in 1993. The Bills came back
of Indiana’s safety by only about four inches.
culture nonsense. I don’t think it’s the job to win 41-38.
Abbrederis caught the ball as the leaping
of one team to worry about the feelings Or, ask the University of Minnesota who
defender fell to the ground and walked in
of the other team. Football is not about blew a 38-7 lead in the third quarter of a
for a 74 yard touchdown.
feelings. There’s no crying in baseball. bowl game to eventually lose 44-41 to
It was a spectacular play, but not be- There’s no therapy in badminton. There’s Texas Tech in 2006.
cause it won the national championship, no Zoloft in curling. You get the idea. Or better yet, ask Plano East high
or even one of the thousands of mean- Sports builds character, and sometimes school, who trailed Tyler John Tyler 41-17
ingless bowls sponsored by car rental that character gets built when you get your with just over 3 minutes left in the game.
companies. It was spectacular because it ass kicked and you’re still able to go on Plano East scored a touchdown, recovered
made the score 76-13. This wasn’t a run up with life. Get over it, man up and move on. an onside kick, scored another touch-
the middle. It wasn’t a screen pass that the “Come on, it’s just insulting to the other down, recovered another onside kick,
receiver broke for a long touchdown. This team!” scored a third touchdown, recovered a
was a highly ranked Wisconsin team, beat- Really? What’s worse? Having the third onside kick and scored a fourth con-
ing up on an overmatched Indiana team other team beat you by a lot of points, secutive touchdown to take the lead with
by mercilessly airing it out even though or having the other team have such little 24 seconds to spare. That was unfortu-
they were already leading 69-13 deep into respect for you that they won’t even try? nate, not because they stole the game…
the second half. We should all feel far more insulted if the because with :24 seconds left on the clock
Good. other team thinks so little of you that Tyler John Tyler ran the next kickoff back
Wisconsin went on to win 83-20 but if they won’t even run their normal plays for a touchdown and came back to win the
you listened to analysts afterwards you with their backup players. It’s like a bad game.
would have thought they murdered a litter manifestation of the nanny state. I’d be far To avoid the need for such miracle last
of kittens just born at the local nursing more insulted by the other team thinking second plays, perhaps all teams should
home. “How could they do that? Where they needed to stop playing to manage simply adopt the game plan of Haven
is their sportsmanship? How disgraceful… my feelings. High in Kansas seen in their game against
running up the score like that. Damn kit- “There’s just no need for that.” Sylvia. It was during this game they raced
ten murderers.” Actually, yes there is. Let’s say you’re a out to a halftime lead of 20 touchdowns.
“Running up the score” is one of the team with a star senior quarterback and Their opponents were so annoyed by the
worst phrases in sports. It’s just ridiculous. a freshman backup. That backup needs drubbing they were taking, they began to
Your specific goal during a sporting event game experience, and handing it off kick off and then just sit down. Maybe the
is to score more points than your opponent. twelve times in the fourth quarter does idea was to force Haven High to feel so ter-
Why do we consider it so terrible to do nothing for him or your team. When you rible about themselves for running up the
your job really well? It’s like complaining stop running your normal playbook as a score that they would have to stop.
about your meal being too yummy, your coach, you abdicate your duty. It makes It didn’t work. Haven kept scoring until
wife being too hot, or your doctor for sense to pull your starters to avoid injury, the game finally ended in a squeaker...
curing your cancer too quickly. but your backups need real on the field ex- 256-0. Sure, they could have avoided
Yet, college football sees running up perience, and you should give it to them. running up the score. But, I doubt we’d be
the score as such a big concern, they actu- Let’s take it to the extreme. You lead talking about that game, which happened
ally removed margin of victory as a com- 80-3 with the ball at the opponent’s 12 in 1927, if they hadn’t.
ponent of their computer rankings. Now, yard line with :03 left. Don’t kneel. Kick So, I say, long live Haven High for
a team’s mediocre 2 point win could be the field goal. In college, even a kicker on proudly running up the score and teach-
just as impressive as a 30 point blowout. a good team might get 20 FG attempts in ing Sylvia a couple of lessons in universal
It makes no sense at all. an entire year. Why wouldn’t you expand a law. First, if you live your life depending
But isn’t it a universally accepted fact key player’s experience by 5 percent when on others managing your feelings for you,
that running up the score is a crime on the the downside is a meaningless hit on the you’re going to wind up a massive failure
same level as genocide? Probably. But, I feelings of the other team? in life. Sorry. Second, if you name your
aim to change that perception. “It’s just in bad taste.” football team “Sylvia”, you deserve to lose
“It’s bad sportsmanship.” Really? And giving paying fans 40 by 38 touchdowns.
Bad sportsmanship? The job of a minutes of football when they paid for 60
sportsman when playing sports is to win. isn’t? Send Stu hatemail at Stu@glennbeck.com
Photo Courtesy of ©iStockphoto.com/Pete Saloutos
BLIND
Putin allowed them freedom.
Popov thought of Khodorkovsky plummeting from the
MAN’S
heights of Russia’s wealthiest man down to a penniless
prisoner of the state, begging his guards for toilet paper
BLUFF
and cigarettes.
Volkov: dissolved in an acid bath at the Moscow
Chemical Works.
Linchenko: headless in Bitsevski Park.
To read previously published chapters, log onto
http://www.glennbeck.com/fusion/7days/107days.pdf Mogelevich—
the idiot’s forehead. “I...” Popov’s voice failed him. The screen went blank.
Putin spoke first: “Tell me.” “I... I was afraid of putting on too much Popov raised his hand from the
Popov breathed in through pressure... I mean...” He watched Putin armrest and wiped away the sweat
clenched teeth, and then said, “The frown. “I mean... I’m wondering wheth- shimmering on the leather. He looked
woman has disappeared.” er he’s adopted his own agenda—” again at Andrei, now asleep, mouth
“Disappeared?” Putin made a cutting motion with hung open, inert: a human turd.
“Escaped.” his hand. “Let me worry about that. I Popov poured himself a shot of
“Escaped?” want you focused on his daughter and
vodka, threw it back and swallowed
“Okay, okay. She was freed by Roberts and Miles.”
hard against the burn. Then another,
Charlie Miles.” “But—”
and another.
Putin directed a forefinger at Popov. “Becktel has understood his ulti-
Staring at the oblivious man, a
“Tell me the truth the first time or else mate task for decades and we’ve now
movie began playing in Popov’s mind:
I’ll find someone who will.” laid the groundwork for him to execute
Andrei handcuffed to a suitcase, the
Popov caught his breath as his on it.”
mind completed Putin’s threat with “Groundwork?” The word quaked last of the six nuclear bombs inside,
an image of his own headless body in Popov’s brain. “What do you mean, stumbling, dragging it through the
splayed out in Bitsevski Park. groundwork?” streets of Washington DC, perhaps into
“Yes, Vladimir Vladimirovich, the “We’ve led the Americans to believe the bare thorns of PRIMROSE; Roberts,
truth.” that we’re poised to arm our nuclear Miles and Ashleigh in chase, closing in,
“Has she contacted her father?’ warheads.” charging into Popov’s crosshairs—
“I assume so, but I don’t know how Popov’s mouth went dry as he Popov issued a quick order to the
or where.” imagined his jet wheeling over the pilot, then reached toward the con-
Putin exhaled, shaking his head. Midwest, racing away from a blossom-
sole and slid out a drawer. His fingers
Popov grasped his meaning: Popov’s ing mushroom cloud. “Why would you
touched polymer, then closed around
people should’ve been surveilling do such a thing?” “A bluff. Americans
cold metal.
Senator Becktel. If they had been, then tremble when things become chaotic,
A few moments later, the plane
the hunt for Ashleigh, and perhaps Nick when things, shall we say, become
banked hard and Andrei opened his
Roberts, might already be over. interesting. Holes in their security sys-
eyes. He found himself looking up the
“And Roberts?” tems always emerge in times of crisis.
“Still alive.” Always. Always. Always. And the only barrel of Popov’s Yarygin pistol.
“Where?” way we’ll get to Little Big Boy is if we “I see you are finally awake, my
“Moving. Always moving.” force them into exposing those holes.” little hare.” Popov smiled. “It’s time
“Toward Ashleigh?” “How will you mange to—” to go taunt the fox.”
Wilmington, Ohio
is like many town
limits to discover s across America
a quaint main stre . You enter the cit
townsfolk greetin et filled with fam y
g you with a frien ily owned busines
in time. Dig a litt dly “Hello!” and bu ses,
le deeper though ildings seemingly
munities face: un and you see the frozen
employment, fam reality that so man
businesses leavin ilies struggling to y com-
g town taking wo get food on the ta
rk with them over ble and
Wilmington, Ohio se as. But what sets
apart from other
spirit, perseveran struggling comm
ce, but most of all unities is their
tomorrow will bring , their unyielding
a better day. hope that
With one of the hig
would expect this he st un em ployment rates in
town to be desolat the state, you
for better prospe e with people ab
cts elsewhere. In andoning it
rallying together, stead, you find a
helping their neigh community
their town and th bors and revitalizin
eir community bu g not only
anyone who visits t also the spirit of
. hope in
This past Decem
ber, Wilmington op
and his staff. Ou ened their doors
r day there was no to Glenn
cles as well. The t just magical bu
people we met we t full of mira-
hope ran deep in re amazing and th
but we will never the comm e spirit of
forget this amazing unity. We may be back in New Yo
port Wilmington town. Please, he rk
by donating to th lp us continue to
owned businesse eir local charities sup-
s. and supporting th
eir family
Check out any of
these sites to lea
Clinton County an rn more about
d Wilmington, Oh
http://wilmingtong io.
eneralstore.com
| http://www.ci.wi
http://www.clinton lmington.oh.us
countyohio.com
Wilmington Photos Courtesy of George Lange
Polaroid Photos Courtesy of ©iStockphoto.com/Stephanie Swartz