T Minus 125 - Boy Blunder Absolves Blame
"There's no question about it. Wall Street got drunk -- that's one of the reasons I asked you to turn off the TV cameras -- it got drunk and now it's got a hangover. The question is how long will it sober up and not try to do all these fancy financial instruments." -- George orWell Bush, speaking at a private fundraiser, Houston, Texas, July 18, 2008
Ladies and Gentlemen, I'm not going to link to written verbage of the above - as I usually do. Instead, I'm going to post the YouTube of it; of Boy Blunder absolving blame for the financial melt-down because "Wall Street got drunk." Let me be perfectly clear, here: we don't have a financial melt down because "Wall Street Got Drunk" - we have a financial melt down because republiCons don't believe in rules, and they don't believe in regulations - except when they believe there's a chance they'll get caught cheating.
Most people (and, especially republiCons) don't drive 60 on an interstate freeway because the speedlimit is 60; they drive 60 or so because they think there's a chance they're going to get caught and they don't want to pay the ticket.
Well, Wall Street is the same way. We're in this financial meltdown, triggered by the housing bust, because of fraudulent mortgages. Why are there so many fraudulent mortgages? Because mortgage companies knew they weren't going to get caught - that no one was checking the mortgages; Wall Street knew there weren't regulators to check the packages that were sold off to
Well, just as you can get by with driving 100 for a while, when the crash comes - it's spectacular.
And the meltdown is spectacular, too - especially for those that profited pre-crash, and those who will, post-crash. Believe me - somebody is gonna make a killing off of these taxpayer bailouts. I'd bet that it won't be too difficult to figure out who, by simply following the money. And start with "contributions" to republiCons - that's as "good" a place to start as any.
Fortunately, January 20th, 2009 is The End Of An Error. And here's Boy Blunder, in that YouTube: