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Fundamentals Of The Economy Are Solid...Remember?

By Rand Clifford  Posted by dick overfield (about the submitter)     Permalink
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September, 2008, a month that will live in infamy. A month where official purring about our economy’s solid fundamentals have erupted into official bayings about economic collapse. Financial markets are suddenly so choked with "toxic debt" that only a hasty trillion-dollar taxpayer Heimlich Maneuver "might" get credit flowing again.

Taxpayers just bled about $300 billion into the maw of the "the mess", bailing out Fannie Mae and Freddie Mac, American International Group...and at week’s end the FDIC seized "The Friend of the Family", Washington Mutual (largest failure ever of a U.S. bank). All just drops in the bucket. But now, our Corporate Government wants to get it right with $700 billion more. Does the bucket even have a bottom?

Our budding High Priestess of Christian Fascism, Sarah Palin, told Katie Couric, anchor of CBS Evening News, that Senator John McCain would take the lead in reforming Wall Street—"...or we’ll find ourselves in another Great Depression." Of course Palin’s chief expertise is in international affairs (she HAS lived for years just across the Bering Strait from Russia), so she glazed over when asked for examples of how McCain would reform the banking industry—but rallied with, "I’ll try to find some and I’ll bring them to you." This was on Wednesday, an interview virtually ignored by mainstream corporate media because Palin came across so crudely like Sarah Palin, and it’s time to work even harder at hiding her.

After Congress proved what a very large problem we have by working right through weekend of the 20th and 21st on The Bailout, the week of headlines, and quotes in addition to Palin’s drove a lot of ink, if nothing else.

Some of last weeks choice headlines (reproduced as printed):

Monday...Capitol Hill wants limits Draft bill targets CEO salaries



Wednesday...Bailout proposal runs into outrage Cheney, others find bipartisan resistance

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Thursday...Bush makes case for bailout President warns of "financial panic"

Friday...Bailout talks break down Republicans rebel against price tag

Some of the week’s finer quotes include—remember, many of these people are barely weaned from the "...fundamentals of the economy are solid" mantra:

President Bush: "We’re in the midst of a serious financial crisis. Our entire economy is in danger. America could slip into a financial panic."

—"I know that Americans sometimes get discouraged by the tone in Washington and the seemingly endless struggles, yet history has shown that, in times of real trial, elected officials rise to the occasion. And together we will show the world once again what kind of country America is: a nation that tackles problems head on, where leaders come together to meet great tests, and where people from every background can work hard, develop their talents, and realize their dreams."

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Treasury Secretary Henry A. Paulson (the administration’s point person on the "rescue" effort): "The American people are angry about executive compensation, and rightfully so. We must find a way to address this in the legislation."

—"I’m not only concerned, I’m angry about the things that got us here. It makes me angry, and it makes you angry. You talk about taxpayers being on the hook? Guess what? They’re already on the hook. If the system isn’t stabilized, they’re going to bear the cost."

—"We want this to be clean, and we want this to be quick, and it’s urgent that we get this done."

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