Where Are the Grown-Ups?

This whole financial 'crisis' confuses the crap out of me. First, it's not a crisis if you see it coming as many did, it's the predicted end result of a failed Repuglican philosophy of unfettered greed. Do I want our treasury sacked to reward rapacious capitalists for poor judgment and utter mismanagement? No. Do I give a shit about the big financial firms that did this and their lackeys in Congress who let them? I wish they'd all die. Do I want to see Great Depression 2.0? No. Do I want to see the dirt shoveled in on top of the Repugs in the hole they've dug? Yes. Do I like being in the hole with them? I'd rather do the shoveling. Do I like the Bush/Paulson bailout plan? Of course not. Do I like the modified Dem plan? Not much. Do I like the House Repug 'more of the same' plan? Good grief, NO! Do I think something needs to be done? Yes, but what? Do I think politics is being played at our expense? Damn right I do and it sucks, but that's tough shit, that's the way it is. The cards have been dealt from a stacked deck. As usual.

Has this directly affected me? Yes. Mrs. G has a money market account for $55,000 that is locked down for the moment to prevent a run on the investment firm. Luckily, we don't need the money right now, but I know there are folks who do need their money who are unable to access it at present, so this is hurting people.

What to do, what to do? If it was up to me, I'd call in multiple air strikes on Wall St., K St., the Capitol, and the White House, and raise a new political/financial system out of the rubble. And hey, as long as the planes are in the air I'd direct the disposal of unexpended ordnance by dropping it on Dick Cheney just fer shits'n giggles. Sigh.

Until I figure this shit out and fix it, I'll just go with Paul Krugman.

Many people on both the right and the left are outraged at the idea of using taxpayer money to bail out America’s financial system. They’re right to be outraged, but doing nothing isn’t a serious option. Right now, players throughout the system are refusing to lend and hoarding cash — and this collapse of credit reminds many economists of the run on the banks that brought on the Great Depression.

It’s true that we don’t know for sure that the parallel is a fair one. Maybe we can let Wall Street implode and Main Street would escape largely unscathed. But that’s not a chance we want to take.

So the grown-up thing is to do something to rescue the financial system. The big question is, are there any grown-ups around — and will they be able to take charge?

It’s true that we don’t know for sure that the parallel is a fair one. Maybe we can let Wall Street implode and Main Street would escape largely unscathed. But that’s not a chance we want to take.

The bottom line, then, is that there do seem to be some adults in Congress, ready to do something to help us get through this crisis. But the adults are not yet in charge.

And not likely to be any time soon if at all, and probably not in time. Please read the rest of Krugman's piece.

Basically, I think we're just plain screwed. The question is, how deep and how dry?

Update:

Sometimes ya speak of the devil and up he jumps with good news. About the time I hit 'publish', Mrs. G informed me her account is no longer frozen and that we are going today to the healthy French bank she just retired from and get it the fuck out of where it is and put it there.