Category Archives: Political Commentary

When Did Defense Of The Constitution Become “Extremist”?

Looks like an interesting book.

It seemed to me as a historian that the concept of extremism begged a question: how do certain ideas, movements and political impulses come to be considered extremist? As a citizen whose political identity was shaped by the late twentieth century, I saw the militias’ assertion of a right to use armed force to change government policy as new, threatening, and beyond the pale of legitimate politics. But as a historian of early America I found achingly familiar their assertion of a right to take up arms to prevent the exercise of unconstitutional power by the federal government. As a historian, then, I was faced with a more specific question: how has the United States as a political society come to view the assertion of that right as extremist?

By conventional media wisdom, all of the Founders were “extremists.” But they have no problem with the big-government fascism taking hold of the country.

The Story That Doesn’t Fit The Narrative

The media doesn’t want to talk about Fannie and Freddie:

Do you know how much we’ve committed to backstopping Fannie and its partner-in-crime Freddie Mac (FRE)? $400 BILLION! Back in February that was doubled from the original $200 billion.

But the news of the quarterly loss is getting hardly any attention. Nothing here at the NYT business section, for example. Nothing at the blogs that were going nuts when AIG was revealed to have paid out bonuses back in March.

The problem is that the Fannie and Freddie disasters don’t fit into any conventional media narrative. At AIG you had Joe Cassano, lurking in the shadows, turning AIGFP into his own personal casino, while taking home gargantuan pay.

Fannie Mae? They help nice families get into homes. Their motto is something about helping the people who help house America. Who could be against that? Plus, the Fannie and Freddy story doesn’t help explain the idea that laissez-faire deregulation is what allowed Wall Street to go crazy. Fannie and Freddy had their own freakin’ regulator, OFHEO. Two companies with one regulator to look into both of them.

And then you have all the Democrats on the inside (Rahm Emanuel, for example) on the outside (Barney Frank), who have ties to the company’s worst years.

Yes, inconvenient, that.