Thursday, September 25, 2008

Stop the Bailout


FreedomWorks has an online petition to stop the bailout. Online petitions are fun!

I just saw this AP headline Bush warns 'entire economy is in danger'. I wonder what he says about how it got that way?

The president turned himself into an economics professor for much of the address, tracing the origins of the problem back a decade.

But while generally acknowledging risky and poorly thought-out financial decisions at many levels of society, Bush never assigned blame to any specific entity, such as his administration, the quasi-independent mortgage giants Fannie Mae and Freddie Mac or the Wall Street firms that built rising profits on increasingly speculative mortgage-backed securities. Instead, he spoke in terms of investment banks that "found themselves saddled with" the toxic assets the government is now proposing to buy and banks that "found themselves" with questionable balance sheets.
Even the AP's getting feisty.


Brad said...

Wow, seriously. I was sure that couldn't possibly be the AP. It's like in Spinal Tap when Marti da Bergi tells them their album Shark Sandwich had a two-word review, "Shit sandwich", and they said, "No way, you can't print that!"

Rionn Fears Malechem said...

If they'd condemned his actions at the time, I'd be a little more charitable toward them.

I just went to Google News to find quotes from the AP when the President urged us into debt and home ownership, when NEWCAG stated there was nothing he could do about Bubbles, after NEWCAG's infamous Daily Show experience and all, and I got distracted.

WaMu's just failed, we're exchanging fire with Pakistani troops, And the bailout seems to have stalled. I never expected to write these words, but thank you, Eric Cantor. Republican lawmakers seem to have lost their taste for throwing public money in the toilet. What happened to that 'starve the beast' Reagan fetishist with the funny name that I apparently can't remember?

And, yes, there's a new tropical storm.