Dr. Sowell looks ahead to what he fears will happen when Democrats take control of the White House with strong majorities in both Houses of Congress.
Wars, economic crises and other disruptions all provide opportunities for the left to seize on current problems to create enduring changes in the institutions of society. That is what we are witnessing today. . . .
It is not just a question of being able to put scare headlines on newspapers or alarmist rhetoric on television. Such things are just the prelude to massive political "change" in fundamentally sound institutions that have for more than two centuries made the American economy the envy of most of the world.If the left succeeds, it will be like amputating your arm because of a stomach ache.
To add to the painful irony, many of those who are most eager to have a massive government intrusion into the market are among those whose previous intrusions into the market are largely responsible for the current financial crisis.
It was the left-- the "liberals" or "progressives"-- who led the charge to force lending institutions to lend to people whose credit history made them eligible only for "subprime" loans that were risky for both borrowers and lenders.
Thomas Sowell is the Rose and Milton Friedman Senior Fellow on Public Policy at the Hoover Institution. Over the past three decades, Sowell has taught economics at
various colleges and universities, including Cornell, Amherst, and the University of California at Los Angeles, as well as the history of ideas at Brandeis University. He has also been associated with three other research centers, in addition to the Hoover Institution. He was project director at the Urban Institute from 1972 to 1974, a fellow at the Center for Advanced Study in the Behavioral Sciences at Stanford University in 1976–77, and was an adjunct scholar of the American Enterprise Institute in 1975-76.
Sowell was awarded the National Humanities Medal in 2002. In 2003, Sowell received the Bradley Prize for intellectual achievement. Sowell received his bachelor’s degree in economics (magna cum laude) from Harvard in 1958, his master’s degree in economics from Columbia University in 1959, and his Ph.D. in economics from the University of Chicago in 1968.
