Burn, Baby, Burn
Just 2 days ago, I was aghast that my Congressional Representative Steven Lynch, technically a Democrat, voted against the financial bailout. I was unconvinced by his class-based analysis and utterly unpersuaded. I thought he was dead wrong.
But today, I am singing a different tune. I cannot believe the Senate has "sweetened the deal" by adding a few tax cuts and things to make it more palatable to a few Republicans. I stepped back and listened to what people were saying and I have to grudgingly admit that although I disagree with our Representative on many issues, on this one, he heard the truth.
The truth is that it is utter bullshit to hand over more than $700 billion to the Treasury department to buy up the worthless bad loans that are polluting the credit markets. The truth is that raising the FDIC insurance limit from $100K to $250K is going to benefit no one except the idiots who have not figured out that if you have more than $100K in liquid assets, you need to open multiple bank accounts. The truth is no one really knows what they are talking about and the most intelligent among us have simply panicked and have become victims of their last pseudo-intellectual conversations with someone who had more degrees than they do.
I listened to some of the Senate debate tonight. When time is short, you can really see how the speechwriters quickly string together buzzword phrases to form a sort of dysfunctional opera of platitudes against a Cassandra motif of despair. Experts, logic, reason--have they served us so well that we trust the opinions of those who failed to prevent this disaster to now steer us clear? We face extreme uncertainty now, and these experts are the very people who brought us here.
It's Iraq all over again. We have no choice but to do this thing or it is the end of the world. Where are the home mortgages of mass destruction buried?
I agree that Congress needs to do something. But perhaps what they need to do is realize they should pass on this deal and not be blackmailed into dumping billions of dollars into the pockets of Wall Street on the hope that it will make the banks start lending again. Easy for me to punt, you say. No, actually, I think opposing this thing in the face of so much conventional wisdom takes real courage. In times of true uncertainty, rather than look harder for a better answer, we should return to our core principles and instincts, and consider that perhaps the uneducated, ill-informed among us cannot talk the economic talk, but they can spot bullshit a mile away...and this deal reeks.





10/01/08 10:42:52 pm, 

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