Econ Woe

This situation is serious. So it is hard to read governmental reaction. It is particularly hard in a crisis, to read hyperbole as legit or not. And it is hard for the people. How many times do you face hyperbole that backs lies and misinformation and still buy it. The distrust people have now is almost heartening, as I wondered if all the Palin-McCain lies would have impact. But it is important to be clear. This is a crisis.

But what does the White House want? No questions. No accountability. Again, that sounds uncomfortably familiar to those of us with a memory that goes back at least 6 years.

Crooks and Liars:

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Don’t you find it interesting that Paulson asks for this huge government bail out as Bush’s term winds down? We all know Paulson and Bernanke just didn’t stumble onto this problem. If Congress was informed of this months ago, the fat cats wouldn’t have it so easy and there could have been enough time for a real debate to take place. Now, the sky is failing and you better sign off or we’re all doomed. We heard it during the run up to the Iraq war too.

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The White House was dealing with this crisis for months. They knew, they stalled bringing the debate to the rest of government. And once the dam burst, they dropped their plan into Congress' lap and want them to just take it and pass it.

Even with Section 8. Which gives Paulson absolute control and no accountability. Again, echoes of Iraq. Can they try a new play book, please.

It is also troubling that the deal is such a sweetheart one for Wall Street. They will get paid for losses at a premium. No they won't be asked to take losses. That would be unfair. And more...

AMERICAblog:

These crooks are the most unpatriotic, America-hating people we've
seen. They are sending their friends and lobbyists to Washington to ask for what
could be a $1.8 TRILLION bailout to save the problems they created, yet no,
they're not willing to cut back one single penny. Not one. They still want their
hundreds of millions in annual bonus money and they still want their elite
lifestyle as though none of this ever happened. For Wall Street as well as Bush,
Paulson and Bernanke, it's perfectly acceptable that middle class Americans foot
the bill in terms of cut backs and higher taxes so America's royalty on Wall
Street can live well. Yep, they want you to pay for their mistakes as if they
had nothing to do with it.

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So this plan as it, is poor. Dodd has some good idea, like he did at the tail end of his presidential run. I hope they use his ideas as a framework.

But remember, action is needed.