Simpletruthiness’s Weblog

Fool me once shame on your fool me twice..

Posted in Politics by simpletruthiness on September 23, 2008

Does anyone else have this sinking feeling?  The one generated by an outragous price tag to fix an outreagous problem. A three page solution. Really the biggest financial crisis brewing since 1929. And it requires only 3 pages and 32 words that puts Hank Paulson above the law.

So does anyone else see the headlines now,about 6 months in the future. 300 billion to Goldman Sachs to pay above market value for bad assets.  200 billion for Merril Lynch etc. Oh Executives get big pay. People turned out of homes. Because commissar Paulson says we can’t “dirty ” up the bill or question his supreme authority. Nice one.Paulson is basically telling us upfront I will do unjust and possibly criminal things with this money. Fool me once shame on you fool me twice shame on me.

How come the same people who cryed so loudly for years that business should not labor under the unnecessary excesses  of regulation are now looking for a giangantic blank check? How do they ask for this a straight face.  They are like the kid who went away to college and decry their parents rules and lack of understanding but then call home for a huge wad of cash after they blow their money meant for books and groceries on booze and cigarettes.

The congress had  a failure of imagination when they first killed regulation. They thought that banks would be self interested and not make so many bad loans. They couldn’t see that they would make up a way to pawn off this bad debt. Some could be forgiven for this as these instruments were outragoously complicated. They underestimated human greed in conjunction with ingenuity , this is mind boggling as you would expect anyone in washington to know better.

However, this time they shoud be able to see the potential for abuse . Their imagination should in fact be running overtime to imaigne the scnerios where this ridiculous plan rewards all the worst bad actors of this crisis while sticking us with the tag and the final insult is asking the same people whose property is falling in value along with those being turned out into the street to pay for this bailout. This is beyond the pale and must not be allowed to occur. This is outragoulsy unamerican.

We should also ask one very important question. If they get bailed out as Paulson wants. What will the next crisis be like? If they don’t learn their lesson next time it will be worse perhaps much worse.

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