Over the last week and a half the possible $700 billion bailout of the financial sector has been the talk of the town. Lots of TALK and no study of the history. Lots of TALK about how to solve the “problem” without spending any time to figure out what the problem is. Lots of TALK and backdoor, dark room, under the table, secret meetings between Congressional leaders and the increasingly annoying Bush Administration.
When the bill failed to pass the first go in the House the market reacted with shock and awe. Why? Because they continue to get caught with their pants down. There is more blame to go around than there is time to explain and it falls on Democrats, Republicans, Presidents over the last 50 or so years, and to bankers and Wall Street slicksters alike.
But lets not forget that we are the ones who ultimately are responsible for this mess. Not only did we not do our duty and provide proper oversight of our Representatives WE took the credit (as in $). We bought houses we couldn’t afford. We accepted the credit cards and department store cards and the expensive cars. WE failed to understand that we were being swindled by a gang of swindlers consisting of many Congresses looking for votes and heeding the calls of lobbyists to bankers looking to grant more and more insane ARM loans without considering who their were giving them to.