Thursday, December 11, 2008

The Subprime Presidency

The "subprime mortgage" phenomena has, by meeting its inevitable end, triggered a world financial crisis of historic proportions, having heretofore incalculable consequences.

It is a product of political and legislative abuse of bad policy for personal gain -- recall: A very ill-conceived federal mandate to lend money to the undeserving led to collusion by Fannie Mae and Freddie Mac to purchase trash mortgages from the burgeoning mortgage lending business, which Wall Street then relieved them of (making them liquid and free to repeat the cycle) , packaged, and sold to pension funds and other institutional investors worldwide. Along the way, the Angel Mozillo's of the world gave "V.I.P." treatment to the Sen. Chris Dodd's and the machine rattled and hummed until...until it blew up with nuclear force leaving a crater in the world economy and a mushroom cloud that will linger for generations.

Emergency bailouts of the financial system will ensure that taxpayers worldwide will work overtime to pay the bill and freedom itself (as manifested by free markets) will be blamed and "fixed." Let me compress that sentence: Freedom will be "fixed," as if it's broken. That ought to scare the bejezes out of everyone. And this is where the Subprime Presidency comes in...

Dumb and Dumber.
...Well, it hasn't come in quite yet. It's only the Subprime Presidency-Elect, but already it's shaping up to be a winner. The cast of characters makes Angel Mozillo and Chris Dodd look like the petty thieves they are, against the real professionals like William Ayers and Tony Rezko.
Still weeks away from inauguration, this Presidency-elect is already embroiled in an historic scandal: the governor of the state of Illinois has been arrested for seeking payments to assign the Senate seat vacated by the President Elect, who has been conferencing with the governor on the assignment of the seat for some time.

It's only the Subprime Presidency-Elect, but already it promises the be the mother of all Subprime Presidencies.
With heretofore incalculable consequences.
(Who wouldn't love to know what Hillary and Bill Clinton are thinking right now?)


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