Confusticated and Bewildereded

So, can somebody refresh my memory? Part of why we’re in the current economic situation is because one group of greedy morons loaned money to another group of greedy morons and no one bothered to look at the asset values or the income streams to see if all the numbers made sense. The n00b has a great idea for fixing the mess!

“We’ll help lower mortgage costs and extend loans to small businesses so they can create jobs,”

So, more mortgages is gonna fix the economy! What do “incompetent” mean? What do “baffled” mean? More of the same thing which caused the problem is rarely a solution worth pursuing. We’re back to the first rule of holes and all that. On that note, spending even more money than the last guy won’t fix it either. If you’ll note how Bush the Younger spent money the government didn’t have, it sure didn’t seem to help keep the economy going. So spending even more money the government doesn’t have is going to make things better! I mean, think of how much worse things would have been if Bush hadn’t done all the deficit spending! I mean seriously, folks. The response so far has been nothing more than ignorant magical thinking of the finest kind. Look, the volcano god economy is angry with us! We must throw a virgin down the well engage in deficit spending ! Oh no! The anger is still strong! Quickly, throw some more virgins spend more! The logic is about as compelling, and the solution likely to be about as effective.

Anyhow, one of the guys who helped create the conditions which led to the current crisis is now saying the problem is “the complete absence of regulation in the financial area”. His statement would be what those of us in the real world would call a “lie”. When a guy who has been on the House Financial Services Committee as long as Barney Frank (D-emagogue) says the financial area is unregulated, he’s lying and knows he’s lying. You can’t operate any kind of financial institution without coming under the purview of an incredible number of federal regulations. Dishonesty about the causes of the problem sure as hell won’t lead us to a fix. It should concern all of us when the guy who oversees any potential legislation to fix the banking industry lies that boldly.

Yay! We’re going to subsidize poor decision-making yet again! Or else force people to make the decisions the fed wants! I’m thrilled at the change and hopeful it doesn’t last very long. But I ain’t optimistic.