Economic Pearl Harbor

Warren Buffet says it's an "Economic Pearl Harbor". Geez, you'd think the world as we know it was ending, what with all of the hand wringing (here, here, here, and here). Can we all take a deep breath, please? Let uncle Vulture explain it all to you. Come over here and sit on my lap.

What we have here is a combination of market-driven economic factors (including but not limited to the bursting of the housing market bubble), the fruits of decades of Congressional meddling, and greed. The conditions that made this mess possible? Speculators with elite connections figured they could gamble in the arena of mortgage securities and never lose, firm in the knowledge that, if the worst-case scenario ever happened, their friends in high places would bail them out.

And, Shazzam! Looky here! The biggest players (Freddie Mac and Fannie Mae) have their bailouts, and today's vote on the next wave of bailouts will take care of the next bunch of players.

The pro-State media is parroting the administration's dire assertion that it will be economic Armageddon if this bailout doesn't pass. Team Donkey is on board with the plan because (a) most big players on Wall Street are pro-Democrat (based on their campaign contributions), and (b) it's yet another opportunity to foist more socialism upon us. Many members of Team Elephant are balking, but they'll go along in the end to retain the favor of big money donors.

Is this bailout good for America? Will it stave off a depression or recession? No and no.

Trying to legislate market forces is as futile as trying to legislate gravity. You can't defeat a force as old and powerful as The Market.

So...if the bailouts won't save us from a period of economic difficulty........why are they being hyped the way they are? Easy! Because the elites always take care of their own. They couldn't give a flying rat's ass what happens to you and me when the excrement hits the fan. But, by God, they're going to make sure that they and their connected friends have a soft place to land!

I'm afraid it's going to be a bumpy ride. Rest assured that neither of the mainstream presidential candidates can fix this problem; there's not a soul on this planet who can fix it. I pray that none of you are severely impacted by the impending crash.

Can anything good come out of this? Sure. If enough of the American people wake up in time, we can take control of our government again and recreate the free Republic envisioned by the Founders. But don't hold your breath.