Thursday, September 25, 2008

What am I missing?

So I'm listening to their president scare the pants off people by saying that if the Wall Street bastards go under, their economy could collapse and people could lose their houses to foreclosure and so on. And I can't help wondering, how stupid are they? Was Lincoln wrong? Can you fool all of the people all of the time?

Forget that the bailout is being proposed by the same ideologues who created the crisis by insisting that government should never intervene in the market, and that regulation is undesirable because it might, um, distort market forces leading to, oh, I don't know, some kind of unspecified crisis. Forget that such a bailout is a betrayal of their most basic beliefs and all the self-righteously motivated suffering they imposed on everyone else all these years in the name of a free market. Forget that such a massive intervention in the economy is the American equivalent of Lenin admitting communism didn't work . The question is, having decided to intervene in the economy at the 11th hour, is this the plan that makes sense?

Sooner or later, somebody should ask, if you're going to hand out 700 billion dollars to avert the crisis, how about you give it to the people endangered by the crisis -- say, by setting up an American equivalent of the CHMC to insure mortgages-- rather than giving it to the very bozos who created the crisis? "Hey, we just lost 900 trillion dollars by being so greedy we put our personal commissions ahead of the well being of 300 million other Americans -- hell, the whole rest of the world -- but not only did we get out with our own personal fortunes thanks to contracts that give us millions of dollars in bonuses, EVEN IF WE SCREW UP so spectacularly that the entire world's economy may collapse, but we'd now like you to trust us with another 700 trillion because we did such a great job with the last batch....

How does Main Street swallow this? How do American leaders say with a straight face, "You have to trust us on this, because this is complex, too complex for you to understand You just have to trust in our leadership (again) and let us fix it by handing all your cash and the cash of the next four generations over to the Wallstreet experts." Why doesn't Main Street rise up and say, lets tax the rich investment bankers and bailout the poor slobs who were tricked into mortgages there was no possibility of their ever paying off."

But of course their is no left wing left in the states to stand up and say stuff like that. Without it's left wing, the American Eagal can only fly in circles....

No comments:

Post a Comment