January 28, 2009

Dirty Little Secret of the Day, Via Rush

Filed under: Economy,Taxes & Government — Tom @ 11:31 am

It’s about time somone shouted this out, because it explains a lot (link will go behind Rush’s subscription wall in a week; bold is mine):

….. look, these Wall Street people, I’m as infuriated as you are, but not for the same reasons. I am mad at them for not standing up when Congress ruined their businesses. I’m mad at ‘em for not standing up and saying, “No, we’re not taking your money.” They thought they had an unholy alliance, they thought they were in the same club with these elected officials. A lot of these guys that are going down the tubes on Wall Street are Democrats being taken down by Democrats. And the Democrats are showing, “We’ll take you down if it means votes for us. I don’t care how much money you’ve given us,” most of these execs on Wall Street we’re talking about are high level liberal Democrats. They’re going down the tubes and they’re having their images destroyed by people they thought were on their team.

Rush doesn’t seem to be aware of the “(figurative) gun to the head” element of the bailouts. But that really reinforces his point: Instead of fighting them tooth and nail, banks generally went along with CRA and lower-than-prudent lending standards and thought that their contributions to Democrats would buy them safety. It didn’t. The fact that so-called allleged Republican Henry Paulson is the one who pushed the panic button, with the unfortunate and legacy-scarring acquiescence of George W. Bush, is irrelevant to the root causes that led to him do what he did.

There’s a term for people like these money center CEOs: Useful idiots.

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4 Comments

  1. “Legacy scarring” implies there was a positive legacy to scar.

    My liberal view of W. is a given…As a conservative, what “legacy” are you referring to?

    Comment by brasscollarbuckeye — January 28, 2009 @ 3:34 pm

  2. #1, Oh stop it.

    Go here:
    http://online.wsj.com/article/SB123241360913796235.html

    Comment by TBlumer — January 28, 2009 @ 3:38 pm

  3. Paulson as a “so-called” Republican creates confusion. Better to call him the dolt from Goldman Sachs that screwed Americans.

    Comment by Michael — January 29, 2009 @ 9:29 am

  4. #3, I changed it to “alleged.”

    Comment by TBlumer — January 29, 2009 @ 9:39 am

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