The Bush administration came into office determined to embody and implement the “responsibility society.” This was supposed to walk hand in hand with the “ownership society.” But no one ever asked under what conditions one ought to own something or decide to pass on it. Now millions of Americans are regretting their ownership of suspect mortgages, while their own government is proposing some pretty irresponsible solutions to the problem. What most of the solutions have in common is a lack of market-driven accountability. Forget responsibility. We are fast approaching the “irresponsibility society.” On ABC’s “This Week with George Stephanopoulis,” former Fed Chairman Alan Greenspan rejected both President Bush’s and Senator Clinton’s proposed interference in the mortgage market as measures that would only “prolong the problem.” Mr. Greenspan would rather see cash grants than an unhelpful interference in the marketplace. Good for him. But now that Mr. Greenspan can talk freely, no one is listening. Massive bailouts appear to be on the way.

   The truth about American society today is that we are running from the “responsibility society” as fast as our legs will take us. When a Democrat-controlled Congress arbitrarily lowers student loans below market rates, driving up the cost of college tuition and further burdening the middle class, responsibility becomes only a distant memory. At least some colleges like Harvard and Williams are turning to outright grants instead of loans these days, helping out the middle class where they need it most. When politicians talk of “fair trade” or “reviewing every single trade agreement,” the way many presidential candidates from both parties are doing now, it appears protectionism is baked into our future. What we learned in the 90’s, namely that “protectionism doesn’t work,” is now under review. When health insurance, not “health care” (there is a difference) is guaranteed to every American, we are running in the other direction and fast. In a 50-50 nation, short-term voter pain has apparently become electoral suicide.

   What our politicians have failed to tell us is that while “ownership” and “responsibility” are positive values, they also include short term pain and suffering from time to time. These painful times are also the times we learn the most. We learn prudence, restraint, planning and discipline. Did the people who took out sub-prime mortgages read them? Did the mortgage companies actually want these people to default? What could they possibly gain from it? And what about the promises made to the investors in these products suddenly left out in the cold? What is the obligation to them? But in 21st century America, the United States government putatively exists to save us from ourselves. “People over markets” the political left tells us, understanding neither.

   Chairman Greenspan is right. Government interference in the mortgage crisis will only make it worse and prolong the misery. But 2008 is an election year, so don’t expect much long-term thinking from politicians desperately seeking votes. Here is the question: Have we come to the point in America where the empty symbol supercedes the right and substantial thing to do? Too many Americans today are like children who have never grown up, suddenly confronting the consequences of their actions. Government should be a better parent and let them face up to their obligations. Then maybe the “responsibility society” will make a comeback. I am not holding my breath waiting for it.

John Pendleton