Remember the cartoons where a character would have a piano fall on them while walking by a building? The character would usually survive, but with animated stars and birds swirling around their head…and just when they thought they might be over it, along comes an anvil from above and completely obliterates them. Well, it was pretty much an Anvil and Piano Day today for lawmakers, as the (and we) are just fining out how bad this economic situation REALLY is.
Our wonderful Fed Chairman had this to say during his remarks (from MSNBC): “Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration’s $700 billion plan to bail out the financial industry.”
RISK a recession? I hate to break it to ya Benjie baby, but there IS a fucking RECESSION going on right now, or have you and the rest of you Wall Street boys had your eyes on your personal financials more than the country’s to give a shit? A $700 BILLION DOLLAR BAIL OUT PLAN WAS CONTAINED ON TWO PIECES OF PAPER. Yes, that’s right, TWO PAGES; and part of those two pages were the (now) infamous 30 dirty words you never say on Capitol Hill: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” Yes, from the folks that brought you the PATRIOT Act, comes this lovely bail-out plan that needs to be signed off on by the end of the week…and don’t bother reading it, you can always revisit it.
In other words, let’s finalize all transfer of power to the Executive Branch of government by allowing complete and total control of monetary policy with no questions asked. Sounds awfully like Fascism and/or Communism to me! This is the part of the plan that TOTALLY galls Republicans the most. Not taking care of the US Taxpayer and “Main Street” is the point of the plan that galls Democrats. Thank God for sensible Senators like Hagel, Schumer, and Dodd. (As of this post, Dodd said the current proposal is “unacceptable” and told Benjie Boy and Paulson to pull an all nighter and come up with another one). Schumer made an excellent point of asking why $700 Billion now; why not $150 Billion and see if the plan is working before they give more money. Paulson said the Market wouldn’t react positively to that. Schumer turned the tables back on him and told him that the Market would react properly to $150 Billion if the plan was working or not working. (Oh, I see…Christmas Bonus time is coming, and we just might need a few billion more for buyouts and bonuses).
One Senator pointedly asked the Financial Geniuses why they weren’t warned about this sooner? Why wait until now when it obviously would cost more money? No response worth printing here, my friend. I will tell you why though: they were hoping that all the shit would hit the fan AFTER Election Day, when their precious Candidate might have a better shot at winning if the Financial Disaster was not looming in the distance. They hoped to push all of this off…and now it’s worse than ever. Remember the Administration once claimed to want to act against Iraq while it was still a smoking gun rather than a mushroom cloud? Well, where were these guys now…because Ladies and Gentlemen, we have one hell of a mushroom cloud hanging over out heads to the tune of $700 Billion.
I don’t know about you, but I’m heading for the nearest Fallout Shelter.
“As a rule, men worry more about what they can’t see than about what they can.” – Julius Caesar