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▣ The Angry Truth - The Sequel

posted by admin on July 23rd, 2008 at 2:54 PM (MST)

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As Senator Obama shows his presidential chops overseas, and Senator McCain angrily trudges on his town hall tour, sour that his dare to Obama has backfired on him, President Bush continues to do what he has always done best, raise funds for Republican causes. This latest fundraiser, however, has generated something more than the typical $1000-per-ticket fare. In a rare moment of honesty, that the president did not want on tape by the way, Bush admitted that Wall Street and the culture of greed was to blame for the current economic mess that we are in. (FYI, the current issue of BusinessWeek validates that point.)

The Republicans old tag line on Democrats in government is that we spend money like drunken sailors. Mississippi Governor Haley Barbour has used that term ad nausea when referring to the Mississippi House of Representatives. So for a Republican president to say that Wall Street was drunk with a hangover is especially telling.

Without a major power point presentation or rattling off a gaggle of statistics, Bush summed up the troubles the American economy is facing with a humorous analogy, well I say humorous because the people attending the fundraiser seemed amused. However, to the households in America that are facing foreclosure, that cannot afford health care and are coping with higher gasoline and food prices, the situation the “drunks” on Wall Street have put them on, is anything but humorous.

Yet, the GOP wants to continue to tote the water for the drunken Wall Street crowd. Like most of our friends that may imbibe too much, we make sure that they get home without incident and then laugh about it at a later time. That is exactly the strategy the GOP wants to do with this economic crisis, by limiting the damage through continued tax credits to the wealthy and expansion of their government deregulation philosophy.

What Bush should be sensitive to is that a drunk has the potential to do damage to more people than him or herself. In the case of Wall Street, their drunken lust for capital has had a devastating effect on people they will never interact with, nor do they care about. They raise the cost of oil per barrel to cover their losses on subprime loans that were used to fund 401Ks and pensions, meanwhile a person in Mississippi may lose his home, his retirement and his ability to go to and from work based on those actions.

The Wall Street crowd tells everyone not to worry, we have everything under control. Haven’t you heard an alcoholic say that before someone that really cares gets them into rehab? I contend it is time for Wall Street to go into a Greed Anonymous program, closely monitored by a Federal Government that does not want to stymie capitalism, but must gain control of a business community that has not shown Adam Smith’s hands-off theory, highlighted in his tome “The Wealth of Nations”, in its best light.

But according to McCain’s economic team, which consists of, by the way, a woman who once was in the class of CEOs that make more in 10 minutes than their employees in a year until she spied on her own board members and, now formally, a economist who invested in an adult movie and then supported Ed Meese in his crusade against pornography, my commentary is nothing more than whining. The economy is not that bad (translated, “Dude I’m not that wasted.”), they will contend.

In my opinion, we cannot continue to elect people (insert Republicans) that have that mentality any more. In my campaign speeches, I have said that this election is a battle between Wall Street versus Main Street. I am glad that President Bush has made that more crystal clear.


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