A disgrace for capitalism – the Bush administration

Before I say anything about them, it’s also a big disgrace what McCain is doing with the House Reps – -they brought America together with the President into this mess and now they even mess with the mess. That McCain is trying to steal some glory from this historical mess does not speak for his statesmanship at all. They are close to generating a run on banks after WAMU’s collapse and that would trigger an unprecedented crash.

I am not a supporter of this obscure bailout plan because it does not do what they claim – it will not get credits flowing – the credit crunch in Japan lasted for years although the government made massive interventions. Now its kind of too late for the best things to be done but still appropriate things can be done.

The problem is the hesitation of the administration to act and to lie constantly about the situation. Delivering a pants-down transparency would create faith – not moving from one failed attempt to the next on a last minute basis. It’s ridiculous to have these cheerleader lobbyists praise them for wrecking the global financial system.

That is like New Yorkers cheering up everytime the Yankees team looses the ball to the opponent.

Mr. Bush, you should learn to make at least a humble face while addressing the biggest financial crisis in 80 years. I heard he has his bachelor’s degree in History (besides a MBA from Harvard ) – the last crisis of this magnitude led to a World War, so let’s get a bit more serious. Mr. Greenspan, you should not run around and make smart comments – you carry a big chunk of responsibility for this mess. Mr. Paulson, Bernanke and Cox, get a grip gentlemen. You have cost the world trillions with a bunch of greedy CEO’s from Wall Street.


~ by behindthematrix on September 26, 2008.

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