I remember listening to Barack Obama's convention speech, and thinking, "Is anyone listening to what this guy is saying?
Everyone was so smitten, so wowed, one prominent anchor, so taken, almost to tears, that no one for even a minute stopped to hear what the guy was proposing.
Not that he was or is bad, but let's just say if you like profits, or believe in capitalism, well, what he said wasn't good.
And for that matter, neither was Sarah Palin's speech. Well delivered words, but lots of corporate-bashing words. Did anyone hear those words?
Same with this Fannie Mae and Freddie Mac rescue talk. Everyone says it had to be done. No other options.
And every smart person says so, and says every person who disagrees isn't a smart person.
So, allow this not so smart person to say, this is all sounding very dumb. Like a nation on Kool-Aid being told it's cool to aid, and not cool to argue.
Better to spend a few billion now to protect trillions later.
But my friends, wake up!
This isn't a few billion. And it's not just Fannie and Freddie.
We've gone from "too big to fail" to "too many to ignore."
200 billion to shore up Fannie and Freddie.
Tens of billions spent on Bear Stearns.
Tens of billions more to provide something called liquidity and support to the banking system.
The same banking system that refuses to make loans or give them.
If that's the upside, please someone show me the downside.
Someone remind me why this is better than just letting 'em rip and letting capitalism just run its course.
Imagine if every risky venture you took came with a wink-wink guarantee that if it doesn't work out, Uncle Sam will be there to make things work.
Well, imagine no more.
And you're paying for it.
Some say I'm crazy for ignoring the perils of not helping.
No, I'm crazy because I clearly see the perils of helping.
And with each bailout, each rescue, each dash for cash, we're told: last bailout, last rescue, last dash for cash.
But it's not.
Not when everyone wants a piece of the action.
Strapped homeowners who rightly say, you did it for them. And beleaguered automakers who insist, do it for us.
You can't be a little bit pregnant, not if you first weren't more than a little bit seduced.
And we've all been seduced.
Let's just say this is going to be one heck of a birth.
And one we'll all end up paying for a long, long, long time.
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