Was it just me, or did George Bush basically blame the stupidity of the American people for the financial crisis last night? He said people had gotten into mortgages they couldn't afford, they took out loans they couldn't repay, they thought their homes would continue to increase in value, etc. He never mentioned the Clintons, starting in 1992, using the threat of justice department investigation to force banks to hand out home loans to people who wrote down on their application, food stamps, unemployment checks, and welfare checks as income.
What he did last night was blame the crisis on the American people as a way of justifying to us why we should not grumble when he takes away $700billion from us, just for starters, to rescue other Americans from their own mistakes.
Next up, $25billion this year and next, to the big three auto companies who are so sluggish under the weight of union contracts that they can't compete with more nimble Japanese car makers. Then after that, we'll pony up $150billion to the FDIC to prop up local banks so they'll be immune to their own awful financial decisions. Following that will come the credit card companies who must be saved because after all, it's the American consumer who ran up so much debt that it couldn't pay back. Close on the heels of the banks will come the Gulf Coast insurance companies who can't afford to insure the national treasure communities like New Orleans and Galveston(he said sarcastically) from bad weather. Who'll be next? Hollywood because nobody wants to go see the crap they trot out as entertainment? Fast food, because people are eating more healthy and they can't afford to stay in business, because after all, the American people have a vested interest in protecting those valuable fast-food jobs? And that's not the end of it. Once the housing prices reverse and start to rise as they surely will, the government stands to make a small fortune on home sales. Do you think the American people will get that money back in the form of rebate checks or lowered taxes? Not a snowball's chance in hell! Whatever party controls the House when that happens, will spend that money before it's even collected.
Somebody tell me where it all ends. Where does the nationalization of our financial system end?
I almost forgot, a virtual cookie to the one who names the movie loosely referenced in the title of this post.