Liberalism

“Liberalism, as an experiment against common sense, undermines every institution it touches, including financial ones. In the age of political correctness, the conservatism of the banking industry was bound to give way to mindless multiculturalism and Great Society babble. Tried-and-true lending principles were deemed illiberal and imprudent loans became a form of ‘progress.’ Whatever the area that falls under it—whether it is banking or education—liberalism’s regulatory regime consists of forcing people to adopt ideological goals which defy rationality: banks are told not to insist on such outmoded tests as good credit; schools are told not to insist on good test scores for admission. High standards across the culture have eroded under liberalism. Why not in banking too? Indeed, given the choice between economic decline and political correctness, liberals always choose the former. To preserve the kangaroo rat, they will cut jobs. To advance faddish global warming theory, they will undercut whole industries. Instead of bemoaning economic decline, they normally interpret it as a measure of enlightenment: that some worthy ideological goal, far more important than money, is slowing business down.” —George Neumayr