Cowboy Bush capitalism.

In his article reference below, Mr. Dale Steinreich, adjunct scholar of the Ludwig von Mises Institute, makes clear the causes of the housing debacle and, to no one’s surprise, the usual suspects are from both sides of the aisle. Our problem is not temporary Dem or Repub ascendancy, but our being governed by the Washington Party every waking and sleeping hour of our lives:

The current housing debacle wasn't caused by "eight years of cowboy capitalism ushered in by George W. Bush" and there was never any real deregulation of any sort at any time. It was a project created over three-quarters of a century by fascists from both parties.

All of the culprits are and were believers in the ability of government to analyze economic problems correctly and interfere with the market with beneficial result. Rather than acting to maximize economic efficiency, the prime directive was to calculate political advantage. With few exceptions, everyone got it wrong.

If the word “fascism” as used by Steinreich bothers you, please read up on the thinking that places fascism squarely on the left side of the political spectrum. Fascists merely skipped the part about the government taking over the means of production directly and did it instead by co-opting banks and manufacturing concerns with thinly- veiled threats.

The choice between the Stalin and Hitler was, in the words of Max Eastman, between Red Fascism and Black Fascism. Fascism is not a substitute word for “mean” or “evil” and Steinreich’s use of it instructive and hence useful.

"75 Years of Housing Fascism." By Dale Steinreich, Ludwig von Mises Institute, 7/9/09.