Cross posted at out new beta site Voices on the Square and in Orange
In lieu of meaningless political convention coverage, my title is absolutely still true. Decades and decades of history refutes any excuses about the so called political expediency of wasting any crisis economic or otherwise. That is one of the only things I agree with Rahm Emanuel on when he said it at the beginning of this administration. Sadly, the White House only listened to his hippy punching BS. The prospect that this economic disaster wouldn’t go to waste or enrich bankers was where the hope used to reside when there was any at all to confide in as far as any real economic recovery is concerned.
But when we mention these real world problems still abound from these failures we hear the same old tired excuses trotted out to excuse this administration from loyal partisans who are proud of what they never learn. This involves excusing the the bailout, housing, and foreclosure crisis. Ironically, this is why there is any chance at all for insane Republicans to make hay in this election at all so it might be smart to pay attention to it at some point even if the media won’t cover it. The bottom line is that coddling too big to fail banks with trillions in bailouts and more bailout guarantees on top of that (29 trillion globally when counted all up) to make Capital whole at the expense of laborers didn’t help and many of us knew it wouldn’t from the get go.
During an election it is treated like a crime to say so. You know, other countries have actually learned this lesson as we have forgotten from the past. Alas Iceland handled their crisis well, like Sweden, and like we did during the S&L crisis but not in 2008 where our fate is now a lost decade or two. With too many loyal “Democrats” looking the other way, this administration and their point man in the Treasury let Wall St have the most say even though public anger at Wall St was and is still at an all time high. This explains why the public was against the bailout, and how it failed in the House at first.
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