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But remember Jérôme:

"It failed because Nacy Pelosi said some unkind things about George Bush in her speech"
by Cyrille (cyrillev domain yahoo.fr) on Wed Oct 1st, 2008 at 04:56:09 AM EST
[ Parent ]
Oh, there's much more than just unkind things about George Bush. Full text from The Guardian
Madam Speaker, when was the last time someone asked you for $700bn?

It is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies: policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system.

Democrats believe in the free market, which can and does create jobs, wealth, and capital. But left to its own devices, it has created chaos.

That's heresy to the cherished beliefs which the Republican Representatives admirably hold on to.
The American people did not decide to dangerously weaken our regulatory and oversight policies.
No, it was Congress and the financial (self-)regulators
They did not make unwise and risky financial deals.
Um, buying a house on a NINJA mortgage is not "unwise and risky", it's downright suicidal. So Pelosi is laying the blame solely on the banks and mortgage brokers and that's self-service electioneering. Granted, without securitisation and off-balance sheet SIVs and "conduits" the size of Big Shitpile™ wouldn't have caused a crisis of this magnitude.
They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill.

...

Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the US taxpayer bail out the recklessness of Wall Street. The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.

...

Today we will act to avert this crisis, but informed by our experience of the past eight years, with the failed economic leadership that has left us less capable of meeting the challenges of the future.

We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future.



A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Wed Oct 1st, 2008 at 05:07:39 AM EST
[ Parent ]
Migeru: self-service electioneering.

Good point.  But otherwise, how nice to hear such brazen blasphemy from the high pulpit!

Truth unfolds in time through a communal process.

by marco on Wed Oct 1st, 2008 at 08:09:56 AM EST
[ Parent ]

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