There is nothing new under the sun. The United States has endured major financial panics in 1837, 1873, 1893, 1907, 1929, 1933 and now in 2008. Most of these economic events had ideological and political consequences - as well as the inevitable economic play-outs.

And, if history is any guide, contrary to the hope of some and the fear of others, this is not the end of capitalism as we have known it.

But it is true that usually, major economic events have had political as well as economic consequences. For instance, the panic of 1893, which in some ways is similar to the current panic, was caused by overbuilding and sloppy financing of the railroads.

The 1880s had enjoyed dramatic economic expansion, which lead to dangerous speculation. Once the railroad bubble burst there was a run on the banks, a contraction of credit, and European investors demanded gold for payments which forced the reduction in the value of the dollar.

1.  The Community Re-Investment Act of 1977 threw out the idea of a sound financial system in favor of affordable housing for the less well off.  

Folks who could not afford to borrow to buy a home were now the legislated target market for lenders; banks were legally forced to lend money to bad credits. Out went traditional and rational lending criteria like 20% down. Now, folks who could not afford it could buy a home for 0% down.

So the banks fulfilled their, now lawful, obligation for making the initial loan but then, as soon as possible, sold the damn things off for a packaging fee.

2.  The fundamentally corrupt regulatory process whereby the quasi government controlled wholesale lenders of Fannie and Freddie, and the large private mortgage packagers such as Countrywide, could and did buy any kind of legislation they wanted.

The Chairman of the Senate banking committee, Chris Dodd (D-CT), is and has been the largest recipient of Fannie and Freddie political contributions. In addition, Senator Dodd got two sweetheart Mortgages from Countrywide. The recent heads of Fannie and Freddie were political appointees, mainly by Democrats:  Franklin Raines, Jamie Gorelick, and Jim Johnson - all Obama advisors.

American Jews have good reason to be ashamed and angry today.

As Iran moves into the final stages of its nuclear weapons development program - nuclear weapons which it will use to destroy the State of Israel, endanger Jews around the world and cow the United States of America - Democrat American Jewish leaders decided that putting Sen. Barack Hussein Obama in the White House is more important than protecting the lives of the Jewish people in Israel and around the world.

On Monday (9/22), the New York Sun published the speech that Republican vice presidential nominee and Alaska Gov. Sarah Palin would have delivered at that day's rally outside UN headquarters in New York against Iranian President Mahmoud Ahmadinejad and against Iran's plan to destroy Israel. She would have delivered it, if she hadn't been disinvited.

It was a remarkable speech, prepared by a remarkable woman. But it was not heard.  Here's why.

[Phyllis Schafly has been a good friend of mine for many years.  We once sailed down the Danube River into Communist Hungary as it was breaking free of the Soviet Union.  At 84 years old, she shows here how to nail liberal faux-feminists to the wall. -JW]

Feminist anger against Sarah has exposed the fact that feminism is not about women's success and achievement. If it were, feminists would have been bragging for years about self-made women who are truly remarkable achievers, such as Secretary of State Condoleezza Rice, or former Hewlett-Packard CEO Carly Fiorina, or Sen. Elizabeth Dole, or even Margaret Thatcher.

Feminists never boast about these women because feminism's basic doctrine is victimology.

Feminism preaches that women can never succeed because they are the sorry victims of an oppressive patriarchy. No matter how smart or accomplished a woman may be, she's told that success and happiness are beyond her grasp because institutional sexism and discrimination hold her down.

Nothing in recent memory has driven home the divide between our self-appointed aristocracy and "commoners" as sharply as the intelligentsia's rush to mock Gov. Sarah Palin's religious faith.

While the attacks and insults are backfiring on the mortified elites, the double standard applied to "Sarah America" is a disgrace that can't be excused as "just politics."

Certainly, much of the left-wing fury over Palin stems from the Democrat Party's assumption that it "owned" the exclusive right to nominate women to the executive branch (despite the crushing of Hillary Clinton's candidacy). How dare the Republicans advance a woman? How dare they change this year's election script?

But the root of the left's dread of this happily married mother of five seems to be that she actually believes in God. Washington fears faith - even nominal believers inside the Beltway have been shaped by secular educations and secular caste values.

Humans fear what they can't understand, and our comfortable ruling class just can't comprehend the power and the glory, the beauty and the ecstasy, the awe and commitment experienced by those who believe in a divine power. To paraphrase the late Leona Helmsley, "Faith is for the little people."

A hurricane smacks the Big Easy again. Back-to-back political conventions. A surprise VP pick. Russians behaving like Russians . . .

All too easy to miss the biggest story out of Iraq this year: Yesterday, security responsibility for once-bloody Anbar Province officially passed from the US military to the Baghdad government.

Fallujah. Ramadi. Al Qaeda's worst atrocities. Those opposed to the liberation of Iraq celebrated years of headlines from Anbar.

Then it all changed: We won - and the headlines vanished. That's because a story of victory in Iraq is also a story of shameful defeat for Barack Hussein Obama.

As the Democrat Convention's carefully-scripted coronation of perhaps the least qualified major party presidential candidate in recent American history builds up to its climax, few have noticed that the convention's most pregnant political message may have already been delivered before it officially started.

It came in the form of a decision by Obama's campaign to feature the president of the Islamic Society of North America (ISNA), Ms. Ingrid Mattson, at an "Interfaith Gathering" of Leftist religious luminaries the day before the convention opened (8/24).

In doing that, Obama and the Democrat leadership rather demonstratively bestowed their seal of approval on the largest and most important front organization of the American Muslim Brotherhood, a conspiratorial Islamist revolutionary movement dedicated, in their own words, to "a grand Jihad in eliminating and destroying the Western civilization from within and sabotaging its miserable house by their hands."  

The implications of this political legitimization of a group dedicated to the destruction of our constitutional order are so profoundly disturbing that some background on what exactly ISNA and the Muslim Brotherhood (MB) or Ikhwan Muslimi are is in order.

Russia is continuing its invasion of free, democratic Georgia with overwhelming military force. Given the raw power Russia has been willing to apply, there's no question as to which side will win.

But one of the many untold stories of this fateful war is how poorly Russian forces are performing - despite careful planning and extensive preparations.

Putin, currently in his "Wolfschanze" in Vladikavkaz, must be especially furious with his pride and joy, the Russian air force.

The inept performance of the Russian air force may have been the most striking feature of the war thus far. Again, numbers alone guarantee a Russian win. The abysmal performance of Russian pilots has been on display for all the world to see -  although, once again, the media don't understand what they're witnessing.