The $700 Billion Bailout Asks the Responsible to Suffer for the Irresponsbile

Today on KPCC's Larry Mantle show, Air Talk, an economist criticized the $700 Billion Bailout by saying that "imprudent" home buyers spent beyond their means and that responsible, prudent citizens are now being asked to pay their tax money to subsidize the indulges of the irresponsible. 

Amazingly, those who have spent their lives heartily defending the "virtues of the free market" are now asking for this gargantuan government-run tax subsidy.

Predictably, those on the right blame unworthy poor home buyers while those on the left blame greedy corporate hucksters. 

The truth is that both groups are to blame, but don't expect the partisan Kool-Aid drinkers to acknowledge this since they are committed to being selective about the facts that conveniently conform to their political "reality."

Comments

[Ed]

If GWB is for it, then I know I am against it. Cant understand why the Dems are voting for it.

[jeffrey McMahon]

There is a bipartisan assumption out there that this "lesser evil" is for the "greater good." I'm skeptical of morons and madmen in high places, to quote Henry James.

[gerald j]

what ths whole mess typifies is that when government regulates,,errrrr,,mandates the whim of any new "fair" and "inclusive" new paradigm on the tried and true, it alters the dna of the free market and the consequences quite often turn out to be a dire. while i am no right winger, i am a pragmatist and i have one credo, if i earn, i achieve and will be rewarded. we either live within the arena of capatalism or we dont. its simple, if you cannot afford a house, strive, work and achieve until you can. the sad fact is, under our system, some people wont be home owners. the alternative is, state housing for all.this mess is the result of the government trying to all things to all people. thats called totalitarinism. i know im comming off like barrry goldwater, sometimes its not a political view but just plain damn common sense. and now with both sides using this travesty as a political football,we wait to see how much we will suffer for a government that doesnt represent us, but only strives to perpetuate itself.

[Tom Welch]

I'm with Ed on this one!

[jeffrey McMahon]

An "inclusive" program that entails cooking the books for subprime loans is a disaster evidenced by the mess we're now all facing.

[Paul]

Listen to Kevin Phillips on this:

http://www.pbs.org/moyers/journal/09192008/watch2.html

See this photo:
http://www.flickr.com/photos/matthewkendig/2892037701/

This whole crisis is overblown and a scam in my opinion. We are being bamboozled into throwing money into the coffers of the wealthy and powerful.

[jeffrey McMahon]

It wouldn't surprise me if you're right. Kevin Phillips is an independent critic and an excellent source.

[Ed]

I also suspect that this is just a way to loot the Treasury before the game ends in November.

[Ed]

Tom, Thank you for your support! Ha :)

[Paul]

This one is funny:

http://i228.photobucket.com/albums/ee192/fugitive247/snagged/USA-govt-condom-seal.png

[Paul]

And this Dilbert cartoon is from .... 2002:

http://www.dilbert.com/fast/2002-07-24/

Oddly relevant today.

[Paul]

And my last post for now on this: a forecast from 2 years ago:

http://www.youtube.com/watch?v=LfascZSTU4o

[Tom Welch]

I'm a back fan of Kevin Phillips and Peter Shiff.

Welcome to the Great American Bubble!

Americans will now face decades of hardship.

[Tom Welch]

Correction:

I'm a big fan of Kevin Phillips and Peter Shiff.

Welcome to the Great American Bubble!

Americans will now face decades of hardship.

Thank you for the links Paul.

[Ed]

Thankfully, radios are relatively cheap. As long as we've got our radios, I think we'll muddle through.