2008 Governor Sarah Palin Is a Rodeo Clown
posted by September 10 at 14:37 PMon
Washington Mutual’s bonds were just re-rated to one step above junk status. Given this, I think WaMu might be ever closer to imploding. Call me a cynic, but I think shortly the bank might be insolvent.
If this happens and you’re a shareholder, well, you’re screwed. If you’re like me—and have your checking account at the bank—be prepared to have your savings lost. Yes, the FDIC will bail us out—but that will take a little bit of time. I’m going to prepare a small cushion.
How is this a positive spin? At least those of us foolish enough to trust our money with Washington Mutual will be among the first to be cashed out. Out of the Ponzi scheme that the U.S. and global economy has become under decades of Republican Party domination. You don’t want to be the last sucker.
We’re coming to the very scary ends of the economy. About all investors have confidence in, right now, seems to be U.S. Government Treasury bonds. This is our seed corn. With all these bailouts, we’ve started eating it.
We need to do something dramatic right now. In order to restore investor confidence in the bond markets, we need to propose something like a new regulatory scheme—with strong oversight and stiff penalties to companies that lie or misrepresent the debt they’re selling. This needs to be a reform of about the same magnitude as the New Deal. We need to convince investors around the world that we want to do this, that we can do this, that we will do this.
With a major election coming up, this is what we should be discussing. Just by talking about the problems in the U.S. debt market—the horrifying irresponsibility that has been allowed to occur under George W. Bush’s presidency—we can go a long way to restoring confidence. Even mild proposals by the candidates would help. Something bold—a real reevaluation of the regulatory structure of the United States financial market—would do even more.
Instead we’re arguing about the phrase “lipstick on a pig,” testing for Down syndrome, pregnant teenagers, drilling for a tiny percentage of the dwindling supplies of petroleum, “victory” in an unwinnable war, and other irrelevant idiocies.
Sarah Palin is a rodeo clown. W was the rodeo clown before her. We’re the bull. We have better things to gore right now.
She has been a perfect pick for the Republican ticket just because the massive distraction she’s caused. What is McCain going to campaign on? W’s record? The current dire state of affairs? McCain’s personal contribution to the collapse of the U.S. financial markets?