Thursday, September 25, 2008
Hoo boy! $700 billion? Is that right? How did this ... happen? Who fell asleep at the switch? Should we blame the big banks for buying and selling all these loans like junk jewelry on QVC? (Hey banks! Those are people's lives you're trading!) Or consumers for ignoring all the fine print on bad mortgages? Or the Federal Reserve for dialing down interest rates to the point where it ignited this kind of feeding frenzy?
I don't know! I'm not an economist. And this isn't a political blog. But don't you think, if you were given the two choices, that this smells more like a Republican scandal than a Democratic one? Can't you smell the greed, and the deregulation? And wasn't Phil Gramm right in the thick of all this? Phil Gramm, John McCain's erstwhile economics adviser? And weren't the foundations of this scandal basically laid by a Republican President and a Republican Congress?
And whatever happened to free enterprise, and capitalism? Isn't there supposed to be some risk involved? Some accountability? If you gamble huge sums of money on the market, knowing that the government will bail you out if you screw up real big, is that really gambling? What is it called if you're gambling with someone else's money, namely Joe Taxpayer's? Personally, I would call it a crime. So is anyone going to jail for this? Or is that too much to hope for? I hope someone's got your number, Phil Gramm. You turd.