But I know a pattern when I see one.
The current Bush Sub-Prime Loan Debacle is reminiscent of the Reagan Savings and Loan debacle. Both came about as a consequence of neo-CONS "loosening" those big, bad rules so that their already wealthy friends could make even more money, now. First, Reagan's economic policies to remove the People's protections paved the way for the nasty recession of the late 80s, and now Bush's economic policies are coming home to roost. And it's arguably the greatest threat America faces. At least they have improved the spin this time around. I heard on the radio this morning, "It's the People's fault. They think they are richer than they are, and act on it. They have to pay the price." I have to agree; in the end, the People have to pay the price. Always.
"Here's the deal. You make this tiny personal profit, I'll make this giant corporate profit, eventually I'll bleed you dry, we'll call it your foolishness, and you can pay the tab. Restore Honor and Dignity!"Come to think of it, the current economic crisis gets me thin king of the Great stock market crash, which came about not because of deregulated, but unregulated, financial dealings. Unregulated stockmarket speculation fed by bank loans running amok, actually. Conservatives, Coolidge in particular, failed to intervene, while Wall Street did its best Las Vegas Casino impression. Way to go. Laissez-faire. Let it be. Must not intervene. Let the theft continue. Let them eat cake. I could almost hear the proclamation at George Bush, the Lesser's inauguration, "Let the Plunder Begin!"
The underlying assumption on which all this financial folly hangs seems to be the notion that corporations act rationally for the greater good of the People, and that this vision somehow extends to the future. This is simply not true; the truth is diametrically opposed, in fact. Corporations rationally act to maximize profit in the present. The individual actors have little to lose. Corporations never face the same risks, nor the same consequences, as actual people. "Why, it's as if a bunch of rich and powerful people got together and cooked up a scheme to allow them to gamble with our money!" They take all the profit; we bear all the risk. Sounds like George Bush's theme song, and the blueprint for every neo-CON scheme ever hatched. No bid contracts in Iraq. No bid contracts at home. Oil profiteers at the the table, writing policy that should be designed to protect People, not maximize Profit. Money in Iraq given to friends to mismanage and lose track of, while auditors are "released from service." The blood of someone else's kid spilled while on security patrol for another oil venture. And on, and on, and on...
Maybe it's time we all got the protections of Corporate Personhood. I mean, equity is a good thing, right? Like Naomi Wolf, I think America is in the midst of a fascist shift, with the merging of government and business. One might think of it as a "hostile takeover." (WWND?) Wouldn't it be nice if it really were a "Wonderful Life?" George? Clarence? ZuZu? Anyone??
So once again, here we are, paying the price for all that enrichment enjoyed by the super-rich because a bunch of neo-CON politicians (i.e., actors) sold the idea that removing protections was good for America. "Love me, love my economic nightmare." They didn't restore dignity and honor; they restored exploitation and plunder. They restored the "robber baron" era. They restored our debt for their profit. They restored the neo-CON Dream.
TAGS: Economic Crash, Bushonomics, Bush, Subprime Loan Scandal