One’s view is largely a matter of perspective mixed with experience, so I’m not shocked that so many did not share my view that the closing months of the Bush Administration, a time which saw massive, unprecedented and gigantic sums of public money used to bail out private businesses and investment banks in the span of 48 hours, was one of the most important events in the history of the Republic. I believe that that act marked a fundamental break with the rule of law and brought to a quick end what had then been to date a slow degenerative process by which the Republic was becoming a garden-variety Latin American banana republic, in which the government was nothing more than a clique of elites looting the public in their narrow and massively short-sided self-interest. That this happened with Congress’ consent and in full view of the press, and caused no serious reaction or outcry, convinced that self-same elite that despite their worry and fears there would be no consequences for crossing that line.
What should have happened was that the President and Vice President should have been immediately impeached, with most of the cabinet, and certainly the shameful and obviously criminal Secretary of the Treasury, sent to prison for life, alongside the entire board and officials of AIG, General Motors, Chrysler and Goldman Sachs (to name but a few).
In reality, excuses were made, fantasies about how not covering high-stakes gamblers’ losses with public money would be nothing less than The End of the World, and the USG looked the other way as the major “banks” began vastly over-stating the market value of the bad mortgages they hold in the billions.
Republicans like to say that Obama caused all this, but history will record that the fatal (yes, fatal) mistake of the late, great United States, the first act that began the economic crisis that led to major war and massive upheaval, began under a Texas simpleton whose response to being attacked by radical Muslims was to use American lives and money to establish two new Islamic Republics in the Middle East. I hate the college-Chomsky-left as much as the next guy, but even a broken clock is right twice a day: Bush was the worst President ever.
(btw, the thought that the American people will re-elect Bush as “Rick” Perry is laughable).
Since that line was crossed, the theft and criminality has become ever more brazen. From a “stimulus package” that was nothing less than hundreds of billions of Chinese-borrowed dollars for EBT and WIC cards for vast swaths of the underclass, to loan guarantees in the same amounts to the politically connected engaged in make-believe industry, to the big, bad SEC—the agency that couldn’t bust Madoff even though a complete stranger made the case for it and provided the evidence to the SEC not once, twice but three times—rapping the knuckles of the “banks” as they continue to lie, distort and loot the Treasury for every penny they have before they have to admit they are bust.
Americans in record numbers now feel the USG has no legitimacy, that our political system is broken and that we are headed for a major crash. And they are right to do so.
Meanwhile, in pop culture, the American Culture of Criminality rules in every sector. From NFL Quarterbacks who watched dogs get torn apart for pleasure to MLB owners who authorize Dodger gear to be sold in all-black so as to capture the gangster market. From universities who recruit criminals and cover up when they commit crimes. To the Walt Disney Company marketing pre-teen ass and putting bumb-and-grind displays on between ads for “collector’s editions” of Dumbo and Snow White. To major American leaders, serious people, talking about what a great show “the Wire” is, a show about the utter depravity and criminality rife in what was once a great and major American city. To ads around town for “Hung,” the latest oh-so-transgressive HBO show about a guy with a gigantic penis, one that, like it or not, is in your face everywhere you turn. To a Dept of Education in bed with the “banks” and the “universities” selling unforgiveable student loans at record rates of tuition to young suckers who don’t know any better.
And, then, abroad, this same nation—unable to govern itself, overflowing with greed and rank criminality—throws its weight around as if it, laughably, is the end-all and be-all of human history, as if a sad human being like Hillary Rodham Clinton is placed to pass judgment on anything.
We are about to find out, as Britons have already, what happens to a people who forget their honor, heritage and humanity. And, like in the UK, it won’t be with a bang, but with a whimper, an increasing coarsening of American life, a consistent and marked decay that everyone agrees is unstoppable.
Until a man decides it is too ugly to be allowed to continue and ends it.
Never thought I see the day, but I can't argue with much of what is said here. Well said Jourdan. Truth hurts.
ReplyDeleteBut wait, ta-da ... for the umpteenth year in a row, our Congress has again failed to produce a budget, in fact, the entire House is on vacation. Purportedly, the Senate has passed a 6 week stop gap Continuing Resolution, and somehow managed to cobble up an additional CR to keep the doors open until 04 October .. how they managed that is beyond with Congress in absentia.
We are a country run on nothing but Continuing Resolutions, in essence, a banana republic, incapable of even something a 6th grader could do with relative ease. The inmates have truly taken over the asylum.
Thank you for such a heartfelt post Jourdan. You've summed up our state of affairs rather succinctly. I can't disagree with your analysis. :(
ReplyDeleteJourdan, I completely agree with your social comments, and mostly agree with your financial ones, excepting the GM & Chrysler portion.
ReplyDeleteThose particualar debacles occurred as part of Barry's payback to the unions for their support.
I think Bush's nation-building turned out to be foolishness, and am ever more enamored of the 'bouncing rubble' school of warfare, although I can imagine the anguished screams from all over the world had we done that in either of our current theaters in the War on 'Terror'.
As to Bush being the worst ever? I still see the Current Occupant in complete possession of that title, followed closely by Jimmuh C.
Jourdan, your peroration on the "strong man" led me to a slightly different perspective... A different sort of perspective given by distance, as opposed to time...
ReplyDelete...from here the situation in Europe looks very much like lower Manhattan 2008. Lehman 2.0... or maybe Creditastalt 2.0...
See, the Eurozone economies were in imbalance from the start: the Germans made stuff, the Greeks bought stuff. (I simplify. To be sure.)
The banks lent the Greeks money by buying their bonds, and their debts piled up. So... blame the banks?
Not so fast. It turns out that the bank regulators were virtually demanding that the banks hold "risk free" sovereign bonds for their own good. "Risk free", as in no need to hold any capital against them, as in even including Greek bonds. The Eurocrats effectively turned their banking system into a giant rug, under which they swept the dirty reality of their imbalanced currency union.
Why were the Eurocrats so stupid? Because they figured that when the crisis happened, they could ram the whole EUSSR thing - a European Treasury, Tax, and wealth redistribution system - down everyone's throat.
This was the "good crisis" they were waiting for, that they swore to each other that they would not let it go to waste.
Here is the FT's Martin Wolf describing the Euro/TARP bailout "solution" - put forward by Tim Geithner no less on a proverbial cocktail napkin - and seven steps of reasoning as to why it is politically horrible, unjust, and illegitimate.
And of course, being the creature of Davos that he is, he concludes that it must be done, nonetheless.
His point, if he has one, is that the alternative is global Nottingham on steroids and stilts - not one stone left atop another, and the living envy the dead.
(The cities will look pretty, burning at night... viewed from space... long wispy plumes by day...)
In this I truly believe.
And yet the Eurocrats are now like the junta of colonels who couldn't shoot straight, undecided even now as to who will send tanks into the streets, who will liquidate the legacy leadership, who will take over the TV station to announce the nouveau regime... timorous vegan colonels all, their zero hour having arrived, and even prodded by their fellow travelers in the global elite and media, unable to execute their coup.
Somewhere, Napoleon is scowling in disgust.
Lewy, I love the way you write. It's mesmerizing.
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