This has been a confusing recent past. Sarah Palin, in like a lioness and now... just another pretty face. Presidential debates... ho hum, and the financial world-class dive in the ring. Where to start?
I was so impressed with Lady Sarah, not so much anymore. She’s still a hockey mom. The debates left me thinking Obama stole second and third base with the news McCain suspended his campaign - can you do that? - to run off to Washington and sit on the sidelines and do nothing, because he didn’t want to be stuck with the label of causing the next Great Depression. In fact, both the Democrats and Republicans did things that accelerated the demise of American banking. The Republicans deregulated the banking industry and took the restraints off crazy entrepreneurs to go wild. But the Democrats gave us the CRA ruling that bribed banks into lending to people who couldn’t afford loans. Duh, what could go wrong here?
We now know Mr. McCain is a liar. He told David Letterman he had to cancel his appearance on his show (an hour before airing) to get to Washington to bail out America, but instead, he goes across the street to do an interview with Katie Couric. When he gets to Washington the next day, he backs into the shadows - not very leader-like.
Then Wall Street explodes. This is nuts. Seven hundred billion dollars to patch a hole in a sinking ship - give me a break. The Treasury could give every person in foreclosure in the country a tax-free check for a million dollars and they could all pay off their mortgages. How many is that? About 700,000 families. If you refine the math to actual mortages, which would probably be less than a million dollars, the Feds could bailout a bunch more. Or, if that many people aren't affected, the 700 billion number could come down considerably. But the bailout would be focused on the those that need the relief and not another maybe-it-will trickle-down policy that doesn't have a good track record. Looking at it more realistically, if the bailout reduced the debt owed for all the foreclosure loans to a figure where the families could actually pay their monthly bills, the overall cost of this bailout would be minimized.
People of America wake up. The Ponzi schemes are running amuck in Washington. Why give a pirate more booty, a sharp sword, and a free out-of-jail card all in one haul. Start with the people of America not the slickies that are constantly looking for another dull Senator to bribe into yet another self-serving get-rich scheme off tax payer’s dollars.
I’ve said before and I’ll say it again, close Washington and make it a museum and move the seat of government to Denver and flush the 545 seats that make up our union and conscript people to replace them that have a talent for running large organizations.