This commentary from GOP thought leader Rep. Paul Ryan of Wisconsin really sets the intellectual and political framework for where the GOP might be headed. He goes after Crony Capitalism, the melding of Big Money, Big Business and Big Goverment. This is what’s next. Here are some important bits:
1) Since bringing us back from the precipice however, the Troubled Asset Relief Program [TARP] has morphed into crony capitalism at its worst. … No longer concerned with preserving overall financial market stability, Treasury’s walking around money continues to be deployed to reward the market’s Goliaths while letting its Davids suffer.
2) Washington is working hard to nationalize other sectors of our economy too. The House Finance Committee is pushing a massive financial “reform” bill, effectively creating banking utility companies. The Treasury Department has effectively nationalized the housing finance sector, with Fannie Mae & Freddie Mac demonstrating how fast big businesses, through a federally blessed and backed oligopoly, can fall. Now, on both ends of Pennsylvania Avenue, health care and energy lobbyists continue to fall over themselves to cut their deals–knowing that if they aren’t at the table, they’ll be on the menu.
3) Big businesses’ frenzied political dealings are not driven by party or ideology, but rather by zero-sum thinking in which their gain must come from a competitor’s loss. Erecting barriers to competition is a key to maintaining advantage and market share. With Washington leading the way, it makes sense for the big boys to redirect their resources to their lobbying shop and government affairs office. They’re far less interested in expanding the economic pie than with making certain that they get their slice.
4) For every encroachment into the market by the federal government–under the guise of “reform”–there exist pro-market alternatives that Republicans must articulate and passionately defend. University of Chicago’s Luigi Zingales, who has written extensively on the issue of crony capitalism, reminds policymakers that the path forward requires "adopting a pro-market, rather than pro-business, approach."
Ryan seems like a very solid citizen, very bright, engaging, good political demographics (Midwest, Catholic, etc.) He’d be open to criticism for having no executive experience, however (not that certain current office holders have been held to that criterion.)
I’ve never heard of this guy but he seems to be making the right noises. Whether or not the GOP can take his writings and transform them into a coherent political platform in time for 2012 is debatable. Ronald Reagan had a complete political philosophy and was ready to act upon it in 1980. It didn’t hurt that his opponent was a hapless and deeply unpopular president. Obama, for all his faults – and they are numerous AND increasing – will be a formidable opponent in 2012 should the economy continue to improve to the extent it has recently. GOP’s best hope is to take out some Democrats in 2010 and split Congress, derailing Obama’s more radical agenda. In the meantime, develop a political philosophy and stick to it! Mr. Reagan could do it and he was a winner. It can happen again.
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