Thursday, March 27, 2008

The Administration That Brought You Camping

Another feather in the cap of the current administration. You know, the one that according to vicepresident Cheney brought you more than five years of uninterrupted economic expansion (which, might I add, did very few people any good)? Yes, that one. That same administration that also looked away while Tent City rose from the rubble of the mortgage crisis. But that is news only in Europe. I will personally remember it as the administration that did more to socialize risk and privatize profits than any other in history.

Now I know many people have been irresponsible in how they handled their finances and that they reached well beyond their limits, but isn't this the administration that says we should give tax breaks to everybody because, after all, the people know best? Do they or don't they? Perhaps relaxing government regulations, slashing government oversight of big business, and leaving the free-market to work unfettered, in exchange for a tax break, is not so good for everybody after all...

Oh, and by the way, guess who's bailing out irresponsible lenders and, as the English language-mauling president himself actually said, "lendees"...(If you have attended a much maligned public school, you may know them as "borrowers").

P.S. I thought of capturing this screenshot of the search because I am sure it is only a matter of time before Neil Cavuto and Faux News realize that they must take the article down, lest there should be one more reminder that being ruled by an illiterate moron in the 21th century is not a good thing.


Jeff Burton said...

Hey, we agree! Do we agree that holding individual mortgage holders responsible is also a good idea? Or are you a fan of Obama's & Clinton's plans?

Sirfab said...

It's not the first time we agree, and I hope it won't be the last.

Holding individual mortgage holders responsible is a good idea, yes. I am sure that some people were all but swindled, as I am also sure that there were people that got into homes bigger then they can afford thinking they could get away with it because the economy was not as bad as it now.

The reality is: a lot of money has been burned, and we're never going to get some of it back, or not in the short term anyway. So the problem is: how do you get at least some of it back? Is there a way to protect everyone's property values that does not reward those who have not been responsible, without crushing them (and their families) financially?

This is a bill we will all end up paying for, in some form or another, whether we like it or not. In fact, we are already paying for it in loss of property values, rising inflation, a slumping economy, etc.

I hope our elected representatives will come up with a solution that is fair, and that does not favor a set of special interests over another. I am not an economist, so I am looking forward to economic experts to work something sensible with Congress and the next president, and I have an uneasy feeling about it. But the real questions are: Could this have been prevented? (Yes.) Could the deregulation of financial markets have anything to do with this? (Yes.) How can we prevent this from happening in the future? More free-market? (Obviously not.)

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