Steve Forbes unhinged? Sort of

Steve Forbes was hardly the best political speaker you ever saw when he ran for president a number of years ago. Now, he  is no longer running for president, but his speaking style has improved; although he still gets quite excited to talk about monetary policy.

Forbes was the featured speaker at today’s Morris County Chamber of Commerce Lunch at the Hanover Marriott.

The free market, he says, does not cause financial crisis.  Forbes traces the current situation to the Federal Reserve Board’s decision to increase the money supply in 2007. The “cheap” money found its way into the housing market courtesy of “Fannie and Freddy” and ultimately led to more than a trillion dollars in bad loans. And you know what happened next.

Forbes is skeptical of just about everything government does, but he still said that the FED needs better oversight by Congress, nothing that the FED has less oversight than does the CIA.  Well, that could simply be because controlling the money supply is not as sexy as overthrowing foreign governments.

Establishing the virtues of the free market, Forbes talked about the interconnection of goods and services.  noting that farmers had to grow the food, truckers had to ship it, and, of course, the hotel/restaurant had to prepare it and serve it. Of course, most of the people who came to the lunch drove on roads built by government, not to mention the fact that food is safe to eat because of federal inspections and standards.

Forbes spoke while wearing a neck brace. That allowed him to take a swipe at health care reform by noting he wanted to have back surgery now, because he does not know what could happen in the future. 

It drew some laughs, but then again, the wealthy never have had to worry about access to health care needs and probably never will.


About fsnowflack
Fred Snowflack was editorial page editor and a political columnist for the Daily Record of Morristown for almost 12 years. He has won numerous awards for editorial and column writing from the New Jersey Press Association and has written a blog on county and state politics for the last three years. He lives in Ledgewood in Morris County.

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