I find myself in agreement with the most reactionary of conservative thinkers. They are the only ones with the balls to suggest that the economic bailout plan being touted by George Bush, Hank Paulson and Ben Bernanke is a piece of crap. I'm not embarrassed. I'm not going to lie to myself and others and go along with the plan. I'm right and so are the wingers. What is, is.
Wall Street never did any due diligence concerning the long term viability of offering low interest, no down payment loans to a population who were broke. Who had long spent more than they earned, to support a lifestyle they could not afford. Who's income had long been declining, in real terms. The only basis for these loans, was that the homes the loans were collateralized with, continued to increase in value. In the case of higher interest, credit card debt, there wasn't even that. Real estate stopped its rapid increase in value. We have seen how this has worked out for them. Bush's much vaunted "ownership" society, has turned into something else.
You make a bad investment, you take your losses. That is the way Capitalism works. Social Darwinism at your service. Before that happens, the Wall Streeters have one last trick to try. Sell the bad debt to the taxpayers. Scare them with the prospect that their meager savings are in danger. That their bad jobs for shitty wages will disappear. That a new Great Depression is right around the corner. It's worked before. What do they have to lose?
Don't worry about the level of the national debt, already hugely bloated by the cost of tax cuts for the rich, multiple unilateral wars of aggression and four decades of ever increasing trade and budget deficits that have eroded international confidence in the dollar and spurred rapidly accelerating inflation. Like junkies, unable to look beyond the next, all important fix, Wall Street just wants to eliminate the nausea and fear that plague them now. Tomorrow is another day.
These guys are not good Americans. They do not have anyone's best interests at heart, except their own. They do not believe this will "turn the economy around" or that "the fundamentals remain strong". They just want out, with their money, now. Then they will be on the next plane out. Anyone who thinks otherwise is a sucker.