Saturday, September 27, 2008

This is not looking very good, people.

Over at Wizbang I read some tea leaves (apparently it looks like the European banking giant Fortis is on the brink of failure now, as is Wachovia):

We are witnessing a failure in government. Our Congress cannot work together to provide an immediate fix to a problem it created in the first place: forcing the American financial sector to extend mortgages to those who were high risk borrowers in order to champion to the American people that more minorities own homes than ever. That worked well under a booming economy. But when the natural cycle of economics turned downward, fear dismissed became reality unavoidable. The house of cards came tumbling down.

And even still, amid all the haggling and fighting going on in Congress over how to shore up the financial cash crisis, not a word is mentioned about changing the counter-intuitive practices forced upon mortgage lenders in the first place. In this respect, it's not unlike how Congress and the White House chose to address illegal immigration: by trying to deal with those already here first rather than initially addressing the cause: the influx of illegals that continues to flow unabated.

Make no mistake, if we wake to Black Monday this week, the responsibility lies squarely upon Congress and the electorate which has put them there, not our banks. Our banks' hands were forced by mandates from Washington, not their boardrooms.

I'm not officially freaked out or anything, but this is serious shizzle. I am firmly against the bailout, though, for the same reasons I'm against the confiscatory taxes we all have to pay -- it's MY MONEY and it ought to be my decision where it goes.

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