There You go Again

So I’m watching Bush, who looks slightly hungover, read a speech off the teleprompter which proports to explain the financial crisis. Seems like the same scare tactics that the administration trotted out to support the invasion of Iraq. I just don’t see the urgency here, especially in light of the fact that Goldman Sachs was able to raise 7.5 billion dollars without any government intervention. There is money out there. What the government wants to do it to transfer the risk to the taxpayer. This, in and of itself might be acceptable if the crisis is as severe as it’s been portrayed, but the fact that the administration is still fighting against any curbs on executive pay and really fighting tooth and nail against any citizen participation in the buyout, I have to wonder about their motives. After eight years of consistently lying to the American people on every issue their credibility here is nonexistent. Perhaps Bush don’t seem to realize that people trust the government less than Wall Street.

What Bush is proposing is the greatest intervention in the economy since the great depression with absolutely no benefit to the average American. Bush just engaged in a defense of the capitalist system on national television without offering one reason why the American taxpayer should give the treasury secretary unfettered power to fuck with the banking system without judicial review. I don’t buy it. I don’t buy it not because I don’t think there is a crisis. I don’t buy it because I fail to see the wisdom of giving $700,000,000,000 to the former CEO of Goldman Sachs when it was he and his cronies who got us into this mess in the first place. If the Democrats cave on this then I’m voting for Nader.