Stupid Column of the Week

I continue to be amazed at lefty dismissal of the Tea Party as rubes or worse. Frank Thomas, continues in his "What's the Matter with Kansas" style in today's WSJ. He puts the money quote up front:

The free-market system blunders into recession; its victims flock to the free-market banner. And here we go again.

News flash, Mr. Frank, the collapse of so many financial institutions had nothing to do with the free market capitalism and everything to do with the crony capitalism of too big to fail. Even we really had a free market, then these firms would have gone under. (For a pretty reasonable historical perspective by an outsider on the Tea Party movement see Walter Russell Mead's Do Soldiers Drink Tea? The publication, the American Interest, seems a little too CFR for my readers, but it was still a good article.)

The reason the victims are flocking to the free-market banner is that those who truly espouse it's principles, like Ron Paul, have said all along, that too big to fail is a recipe for disaster and financial institutions should be allowed to fail.

Now I happen to not quite fully agree with Ron Paul, but he is clearly closer to the truth than Thomas Frank. It is time to add a plank to the Freedom Coalition agenda, my personal Tea Party agenda, about financial regulation. I just need to get a little more free time together for blogging. But my idea will be simple, if a financial institution is too big to fail, then it is too big to fail; and will have to have ever increasing reserves to ensure that it doesn't fail.

Meanwhile, see you Free-Marketeers on Harbor Drive on Saturday with your Gadsden Flags.