Economic liberalism basically calls for:

deregulation, privatization, globalization, and reduced governance.

While it may appeal to certain ideological purists, the actual application of these concepts have unforeseen, unintended, and negligently estimated consequences.

I've spent much of my Sunday morning listening to explanations of the mortgage crisis from the CEO of Freddie Mac, chief economist from Moodys, and economic reporters.

Economic liberalism, as outlined above, was the primary causation. The effects? According to the Moody's economist, 1/3 of the nation's GDP is in recession, including Florida, California, Michigan, Ohio. 2/3s of the GDP is near or in recession. Only the Rocky mountain states from Montana to Texas are not yet in recession. The statistics are all there.

But all 4 basic concepts of economic liberalism as practiced by the Bush admin and the GOP Congress served to create the mortgage crisis. Bush advanced the idea of the "Ownership Society" 2004.

...if you own something, you have a vital stake in the future of our country. The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country. - President George W. Bush, June 17, 2004

Individuals are empowered by freeing them from dependence on government handouts and making them owners instead, in control of their own lives and destinies. In the ownership society, patients control their own health care, parents control their own children's education, and workers control their retirement savings. Cato Institute

These are classic economic liberalist ideas. Bush implemented the concept in the housing industry by encouraging subprime mortgages, allowing jumbo market trading of said mortgages (meaning a subprime mortgage brokered in Orlando FL on Monday would be traded on the global market, usually in bulk, in Brussels or Tokyo on Wednesday) all with little to no US govt oversight.

Laissez Faire here has resulted in nationwide crisis resulting in a recession with major societal effects, including altering every aspect of American life, from abandoned homes looted and ransacked in once-vibrant suburban neighborhoods.

And who will save America?

Not the private sector. The private sector, in fact, according to Freddie Mac CEO, is working on becoming big enough so the Federal govt has no choice but to bail out their institution regardless of the company's gross negligence. Thus, the buyers of Bear Stearns debt are quite happy that the US govt is bailing them out.

In fact, the private sector has its mandate from the Govt upon creation of their corporations: to make a profit for their shareholders. Period. There is no caveat for 'greater good', or 'serve the nation's interest', 'feed the children', 'help your neighbor', 'educate the future generations'. So America has created the "monsters" of the private sector and allowed government to fail to govern.

But the government IS the solution to Rescue America from itself, despite the denounciations of economic liberalists who think they live under an oppressive regime. All kinds of economic plans are being activated from municipal, to state, to federal levels. Including massive oversight and investigations of appraisers, brokers, financial firms.

And take note that while Ralph calls for private ownership of social security, a classic liberalist theory as indicated in the Cato institute quote, is largely opening the mass of wealth from the social security funds to the expert full time financial predators who do battle, and do their feasting on Wall Street everyday. Very few people have the propensity: time, expertise, or education; to juggle their finances for retirement. The reality today is:

Americans do NOT save. They live day to day. As well, businesses intentionally are underfunding their pension plans and mishandling their 401Ks to their own profit margin advantages. According to Frontline piece, the pension market is underfunded today, if all plans were cashed today, to a tune of $200- 400 billion. And 401Ks are being used to cushion the top executive's, usually by ciphening funds through fees from the masses of workers.

What happens if Social Security is privatized?

Very likely, financial predation would become more widespread and commonplace and there would be no hope for future generations regarding any type of savings.