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Another letter from John Galt

March 26th, 2009

The revolution cometh, and that right soon:

So, let me get this straight, Mr. or Ms. Congressional/Executive Scumbag….

You’ve spent the last two decades pumping trillions upon trillions of dollars into particular segments of the mortgage market, a major portion of the U.S. economy, dictating what risks were appropriate, how much would be paid for assuming those risks and generally underpricing risk in the entire system for years and years. You’ve been inflating a bubble and assuring that the inflation passed to the riskiest portions of the economy. You’ve been passing the buck for four decades. Every time the economy tries to correct itself, you stall, pump borrowed money into the system, and grow the disaster the country will eventually have to face. You buy votes year after year by delivering graft now, to be paid for later (after you’ve long left office). In effect, nearly one third of the American economy has been run by central planning for the last five years. During this inflation, you happily collected taxes on everyone, effectively collecting tax on borrowed money and inflated assets (none of which you propose to repay- what luck would I have asking for the real-estate taxes I have paid for years on appraisals that were pure illusion?) I didn’t hear you complaining when you saw massive, record revenues to the Treasury thanks to the boom the finance community facilitated and delivered to you, year in and year out. I didn’t see you pointing fingers when we dug in and pulled your ass out of two recessions. Finance is a massive portion of the economy because it creates wealth. Period. Your social programs, state and local, are massive bloated vote-buyers because of our hard work, sweat and craft. (New York State, I’m looking at you). We work until mid-May for you and your vote purchasing juggernaut. I accept that. I have for years. This is because what I make from June to December is more than enough to, not just enjoy the American Dream and the promises of success and wealth, but to take the capital I collect over the years and invest it, again and again back into American business, start-ups, and even your fucked up GSE mortgage securities (which my taxes support). We carry the freight. 10% of us pay 70% of all income taxes. 50% of us pay 97% of all income taxes. We tolerate this because this is the promise of America. Work hard, pay taxes, and no one will second guess what you spend your money on in your personal time. No one will tell you how much is a “fair wage.”

Now, now that you have run out of delaying tactics, you want to point the finger at…me?

I came to this country for a reason. I spent 9 years in U.S. universities, which I busted my ass to get into. I didn’t borrow a dime to do it. I paid every cent myself. I’ve never so much as accepted a single unemployment check. I’ve never availed myself of any government largess that I wasn’t forced to take. I have repeatedly declined to challenge some of your more deluded tax claims against my income in court, as was my right. Two of these I clearly could have won, though expensively. What’s more, I consider myself a patriot. I consider it a great privilege to live in the United States and to be called one of her adopted children. I defend this country, and what used to be her ideals, to any European socialist moron who cares to engage me in conversation. I support the troops. Wherever they are. Unconditionally. I create jobs. Aside from two years where I broke even, I have made money for my clients and partners every year since I have been in professional life. This includes 2008 and 2009 YTD. You could house 50 families in reasonable comfort for 10 years on what I have paid in taxes since I’ve been here. Actually, now that I’ve actually done the calculation just now for this post, you are really pissing me off.

Now you want to call me greedy? Are you fucking kidding me? After you fucked this place up? You want to tell me that capitalism failed? What capitalism?

Tell it. Much righteous dudgeon here, every bit of it richly merited. Obama’s ruling junta and its minions and disciples assume much — namely, that the very American prosperity that allows them the freedom to foolishly tinker with its foundations, and that they rely on now to prop up the enormous entitlement state they’re intent on building — in defiance of historical evidence that it can’t sustain itself, and that it enslaves rather than liberates — just magically came into being, and will always exist for them to leech off of. They choose to ignore the fragility that coexists with its robustness; the essential creativity and freedom required to sustain and renew it; and the hard work and dedication to safeguarding it without which charlatans such as they can never succeed at undermining it.

In short, they are abject fools — parasites who seek to kill the very golden goose that allows them to dream their cheap, juvenile utopian dreams. They expect people like the writer of the above to meekly underwrite their folly in perpetuity. Absent an enforcement regime to keep them tethered to the machinery of the almighty State — tantamount, in a very real and literal way, to slavery — it simply won’t happen.

They sow the seeds of their own destruction — at our peril. They are worthy only of contempt, for that reason alone. Although there certainly are plenty of others.

(Via Bill)

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  1. March 26th, 2009 at 22:22 | #1
    Awesome. I'm linking this.
  2. apotheosis
    March 27th, 2009 at 19:24 | #2
    The whole thing's great, but I particularly liked this line:

    You can't determine what finance execs will be paid, folks. You can only determined WHERE they will be paid.

    And the same could be said of many, many other professions.

  3. apotheosis
    March 27th, 2009 at 20:50 | #3
    Don't miss the same author's "suggestion list" about 1/3rd of the way down the page on the 3rd page of that thread, either.
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