All civilization has from time to time become a thin crust over a volcano of revolution.

- Havelock Ellis

Failure Embraced

When did Hank Paulson, who has been at the helm long enough to see this coming and has made every wrong move possible, become the smartest guy in the room?

In case you are wondering if this has type of bailout has happened before, think back on Japan in the not too distant past:

When that country's real estate bubble burst, leaving a trail of bad real estate loans, officials flooded the economy with cash only to see banks hoard the money instead of lending it out. The result has been a series of recessions and persistent deflation for more than a decade. [Read]

At least it helped the banks, and what have our politicians, Republicans and Democrats alike, shown if not a willingness to help the ineffectual and wealthy at the expense of all of us not in the ruling class.

Stop this or you will pay the price. "They" will profit no matter what happens.

posted at 20:23:18 on 09/22/08 by clearpolitics - Category: Economics - [Permalink]

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Comments

S Adams wrote:

The bailout smacks of socialism. McCain is right though, there should be a commission set up to investigate this mess. The problem? Democrats don't want it, maybe they have something to hide. If they thought Republicans were at fault they would have been quick to point fingers and demand an investigation.
09/23/08 10:15:11

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