Headline: McCain says economy in crisis.
Next: McCain finds ass with both hands.
Okay, snark over. I find it interesting that after so many years opposing regulation of the investment and financial communities, he is now calling for oversight of the bailout program. In fact, I think he makes a good point. But, really, where has he been? How the hell does he think we are going to afford this mess? More foreign debt? Lower taxes? Selling off lousy mortgage assets at pennies on the dollar? We have a $3 trillion war, a $5 trillion government take over of Fannie Mae and Freddie Mac, and now another $700 billion (Paulson calls it a maximum, but I wouldn’t be surprised he is low-balling) to save the asses of the clowns who created the house of cards / shell game / Ponzi scheme / smoke and mirrors clusterfoofaraw we have been blindly calling an economy for the last mmmmmmmm 7 years? How about longer? Our government has been de-regulating everything for nearly 30 years now. Any chance we might finally recognize the folly of letting foxes guard the hen house?
(You can tell I’m upset when I start throwing metaphors around like spittle from a rabid dog. Frothy spittle.)
I am not holding my breath. Should Mr. Changey-Hopey Guy from Illinois actually overcome the white flight of Palinophiles and win this election, I doubt his answers will be much better. There is potential in his plans for an environmental technology overhaul, but how do you get that off the ground under the weight of such massive debt? When do we get the bill?
I say we’re already paying for it in the poor state of manufacturing, health care, and our social infrastructure – you know, the “hidden costs.” Yet the symbiotic relationship between American and Chinese manufacturing and lending has all the tenuousness of the doctrine of Mutually Assured Destruction: so long as no one is kah-razy enough to press the button, that doctrine held, we’re safe. Now we have Mutually Assured Globalization. So long as no one goes broke, we’ll keep buying and the Chinese (and other countries) will keep selling and lending. Which do you have more faith in – our instincts for self-preservation that keeps us from nuking each other; or the American capacity for consumerism? How long before the Chinese and others are forced by their own economic crises to come collecting?