Accountants, economists, and bankers are not generally known for their whimsical jocularity. So when some of the most reliable warn a crash is more than just a little likely, do not wait, holding your breath in anticipation of some humorous follow-up line.
Remember how, from the moment the first plane hit the tower, the entire Bush administration and Republicans in lockstep began blaming everything that went sour nationally and internationally on the Clinton presidency? Well, with the Bushies filling their fuel tanks and buying their plane tickets for the last ride out of town, there’s accumulating evidence that they may be setting things up now so that the devastating economic fall(s) that should be occurring on their watch will cascade on someone else’s, and they’re betting it will be on President Obama’s.
According to a Washington Post report this morning, the 90 bank failures will likely grow to 300 within the next three years, and that the FDIC could very well run out of money with which to pay the insured depositors. The Federal Deposit Insurance Corporation doesn’t have the resources, and thus, will likely have to raise its 5.4 cents per $100 insurance rates.
The question the Post terms “most interesting” asks whether the Bush administration is intentionally propping up the banks so they’ll fall on the next president’s watch, staving off for now the $8 TRILLION credit cave-in.
Bert Ely, the head of the Alexandria bank consulting firm that bears his name, told the newspaper, “They’re dragging their feet in forcing these banks to reserve realistically. Some of these banks could have been closed two to three quarters earlier.”
The Paul Revere point I’m making here is that every Democratic legislator and candidate should be raising hell on this. Manipulation of an entire economy, pushing it to the edge of the precipice, to totter, for the sole purpose of securing some political end, so that the crash — and the blame for it — occurs a number of months into the future, when someone else is under the rubble, is not just playing hardball politics, it’s beyond anything that smacks of a high crime or misdemeanor. It’s treasonous, pure and simple!
— Ed Tubbs
PS — Of course I welcome responses, those that disagree as well as those that agree. But I’ve got to insist that only those retaining the courage of their convictions to include their real name and the city where they reside, exactly as they would for any letter to the editor, will be read or responded to. Now is the time for all of us to live up to the words and sentiments in our National Anthem.