Krugman |
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| By: Ari Monday September 29, 2008 3:43 pm | |
Well that’s one way to put it:
So what we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch.
As a friend said last night, we’ve become a banana republic with nukes.
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5 Comments
Nice summation of this mess
Yep. We’re a banana republic for sure now.
I’d say we’ve been tending toward the ‘bad’ banana republic with nukes department for quite some time, coupled with a three-second attention span, and fleshed-out with total memory loss, which, ‘behaviors’, together, make us a very definitely unpleasant ‘influence’ in the neighborhood …
Gee, we are going to get to ‘measure’ the patience of everyone else.
We are so exceptional. Pathetic …
I think we’ve become a laughing-stalk. I wonder how much of the rest of the world is loving seeing us in this position after twice electing the disgraceful George Bush?
(they don’t know that he never really won)
Gov. Eliot Spitzer’s eerie prediction on our current economic crisis, written Feb, 08!
“When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.”
http://www.washingtonpost.com/…..02783.html
(My take on this crisis, is that Lenders suckered average folks into mortgages which they could afford at first. Because there were no Regulations or Oversight, these Lenders would raise the monthly mortgages to an amount they could no longer afford! The houses were then foreclosed on and then re-sold again to some other unsuspecting victim, until the whole deck of cards has collapsed. What is compelling, is that before the total collapse, CEO’s pay themselves millions, sometimes billions as compensation pay for the said collapse!)
For instance, “In 2007, Wall Street’s five biggest firms– Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley – paid a record $39 billion in bonuses to themselves.” From ABC’s Political Punch
Could one of the Main reasons why these companies fail and go under, be due to the enormously high salaries paid to CEO’s (millions of dollars a year salaries) which actually, and in the end, bankrupt these companies!