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She’s Clueless, He’s WorsePosted on Sep 9, 2008
Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation’s mortgage market. But what is Sen. John McCain’s excuse? Both act as if the financial meltdown of the U.S. economy has nothing to do with the policies of the political party they represent—but she at least may not know any better. Distracted momentarily from her campaign revelries of maverick opposition to the “bridge to nowhere,” which she had supported until it became a public relations debacle, and congressional earmarks for which she, as a small-town mayor, had hustled piggishly at the federal trough, Palin made the mistake of dealing with an unscripted subject. Referring to the government’s bailout of Fannie Mae and Freddie Mac, Palin opined that the two had “gotten too big and too expensive to the taxpayers,” displaying abysmal ignorance of the fact that only now will those privately owned banks become a huge taxpayer obligation, as the federal government takes them over. Nor can the meltdown of home values be traced to those two beleaguered institutions, because they did not make the original subprime mortgage commitments. The housing bubble was the result of the Ponzi-scheme antics of those other financial entities: commercial banks, stockbrokers and hedge funds, which were allowed in a GOP-deregulated market to get into the “swap” business. Through the rampant reselling of loans, the obligation to collect on a loan was divorced from the act of selling it in the first place, so who cared if the recipient of the loan was not at all qualified or the appraisal of the property value was inflated, as long as the paper was traded away, or insured, before the moment of foreclosure? As with any Ponzi scheme, the perps, who included the legislators as well as the bankers who exploited the loopholes they provided, expected to bail long before the bubble burst. The role of the legislators, Republican-led but with far too many Democratic running dogs, was critical to the success of the scam. Advertisement Not surprisingly, Gramm was rewarded for his service upon retirement as a senator and as head of the Senate Banking Committee with a top position at the Swiss-based UBS bank, which is close to drowning in the subprime mortgage nightmare he helped create. These folks have no shame, as was evidenced when the senator’s wife, Wendy, was named a director of Enron, whose roiling of the energy market had been made possible only through yet another provision of Gramm’s Commodity Futures Modernization Act. While neophyte Palin can claim ignorance of such matters, that would be particularly difficult for McCain, who as a senator consistently lined up with Gramm in his deregulation crusade. Clearly McCain had not learned much from his previous involvement with the savings-and-loan debacle about the risks to consumers in unregulated banking. McCain served as chair of Gramm’s abortive 1996 presidential campaign, and Gramm returned the favor, providing critical support for McCain with the hard-line Republican base, including the editorial board of The Wall Street Journal. It was assumed in the business press that Gramm was the front-runner to be Treasury secretary in a McCain administration. Gramm left his role as the top economic person near McCain only after he made an embarrassing statement blaming the current economic downturn on “whiners,” an awkward reference to the victims of his disastrous legislation. Amazingly, the turmoil in the housing market, which has led to the socializing of the nation’s revered homeownership market in a massive expansion of the role of big government, has apparently not troubled McCain’s conservative supporters. As I said, ignorance is bliss, and evidently not just for the newbie Palin.
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By troublesum, September 10, 2008 at 6:37 am Link to this comment
Obama finally shot back. He was quoted by the New York Post as saying, “You can put lipstick on a pig but it’s still a pig.”
Report thisIsn’t it rich that the Christian Saint of Alaska, whom God chose to give the nation proper moral guidence, says she is going to keep on telling that lie about that bridge regardless of the facts. When Jesus tells you to lie it’s not a sin; its a sacrement.
By thebeerdoctor, September 10, 2008 at 6:32 am Link to this comment
My vote for Obama is a protest vote. It is not for the candidate but rather against the republican party. A party without a philosophy, or principles, whose only motivation is the maintenance of power through mockery and cynicism. Of course eventually, if there is to be any hope, a total dismantling of the two-party system will be required. But the thought of the republicans able to maintain power, after the hell-fire started these last years, will only mean that politics and the practice of it, is a delusional fury that no longer has a any meaning.
Report thisBy slumlord, September 10, 2008 at 6:11 am Link to this comment
i seriously dont like either major candidates but i FEAR the united states voting McCain into the presidency. if it really is going to be ‘mcSame’ i dont think this country will be able to handle the strain for the next 4 to 8 years. (middle and lower classes of course. that other 5% will do just fine. they dont care as long as their money stays theirs.) i dont want to be responsible for what the major candidates will bring. as far as i can tell, theyre both pro war. the real “change” i see is in the libertarian/green parties. thats where my vote is going even if its in vain and even if i dont agree w/all the policies i read of barr or paul.
Report thisBy RickinSF, September 10, 2008 at 5:55 am Link to this comment
The only woman who could energize the GOP “base” even more than Palin would be Hillary Clinton.
Report thisBy Sandra, September 10, 2008 at 5:55 am Link to this comment
(Unregistered commenter)
As a Canadian, I would have thought Americans would have come to their collective senses after eight years of Bush/Cheney/McCain’s government. Alas, no, it seems they are still incapable of critical thinking and voting for what’s in their self interest ie. jobs, health care, education, global warming. Instead they may choose, based on a ‘popularity’ contestant whose record as Mayor of Washila($22million debt)and Governor of Alaska, population 670,000 bears scrunity and who know nothing of the complexities of National politics or international governance. She thinks the invasion of Iraq was deemed God’s attack on Iraq. I hope America wakes up on November 4th.
Report thisBy Fahrenheit 451, September 10, 2008 at 4:44 am Link to this comment
@ fedupinfla;
Yes, the mental health/intelligence of the American people has worried me no end. They consistently vote against their own best interests over and over again. It is said that insanity is doing the same thing over and over again; and expecting a different result.
Below is a link for thinking people capable of applying intelligence to their lives.
Bill moyers
Report thisKathleen Hall Jamieson
http://www.pbs.org/moyers/journal/09052008/watch.html
By JimM, September 10, 2008 at 4:37 am Link to this comment
Excellent essay. The repugs will turn this sround as a positive for them somehow-remember the repug motto so often displayed during the past 8 years and actually mouthed by Cheney ‘what’s bad is good and what’s good is bad.’
Ugh.
Report thisBy nobozos, September 10, 2008 at 4:25 am Link to this comment
fedupinfla:
Your comments sum up most of my thoughts this past week or so (with the exception of your opening…I’ve been worried about the intelligence of the American people for decades now). Great post.
And Robert Scheer….I (55 year old female) split the cost of ‘Hustler’ each month with my renter (44 y.o. male) because of the quality of the political articles, Larry’s uniquely un-American belief in our Constitution and Bill of Rights, and your column.
He’s got me checking out some of the pictures and jokes. but I’ve got him reading ALL the articles.
I gush but you’re a terrific writer.
Report thisBy hippy pam, September 10, 2008 at 4:23 am Link to this comment
I hope all the WOMEN[especially] will think back to HIGH SCHOOL…..We ALL KNEW WHO WAS THE MOST POPULAR…She usually dated the most popular and best looking boy[s]....She was considered beautiful and witty….Her family MADE SURE she had the BEST CLOTHS,DENTAL WORK and CONTACT LENS…She ENTERED[and usually won]BEAUTY CONTESTS….THE WORLD WAS “HER OYSTER” while the rest of us were gangly with buck teeth,glasses and we lacked the “social skills” SHE went to “charm classes” to learn….. She,on the other hand,and more often than not, was petty,spoiled,arrogant and just plain bitchy when SHE DID NOT GET HER WAY….SHE WOULD HOLD A GRUDGE FOREVER….
Report thisBy Big B, September 10, 2008 at 4:18 am Link to this comment
I’ve said it before, americans are too stupid to understand why and how the deregulation of our financial system has caused the downfall of the mortgage market. They also don’t understand the consequences of using their homes as ATM’s the last 15 years, or that all of this could cause the collapse of our economy. For these and many other reasons, gov Sarah is the perfect representation of american. Sarah has managed to wander through life blissfully ignorant to the details of, well, everything. She, like most other americans, has “Forrest Gumped” her way through life. The problem with that is that the relative few americans who have found success at this idiot curve can’t understand why everybody else wasn’t successful. That is like a lottery winner who cannot fathom why everyone can’t win a million dollars.
Report thisSay what you will about Dick/Bush, at least one of them had a brain(and he used it to rip us off and kill american solders) Mccain may be dumber, or more senile, than Sarah will ever hope to be.
Somehow, karma may suggest that we deserve Mccain/Palin. That until we educate ourselves and rise up to demand equality, that we should be doomed to be led by people no smarter than us.
I have figured out why this race is still close(Barry should be farther ahead than Secretariat)
1) we are still racists down deep
2) we have not fallen hard enough yet
By Romira, September 10, 2008 at 3:42 am Link to this comment
(Unregistered commenter)
As a non-American and one who cannot in any way influence what is happening south of the border, I am nevertheless dismayed at the utter futility and total lack of outrage by most Americans at what has/is happening to their country under the most heniouse of war criminals Bush/Cheney and gang of thugs.
Not only are the pertinent issues NOT discussed by any of the candidates, and that I can understand. However, what I find appalling is that NOT a single man/woman is asking: WILL you, if elected president, repeal the P.A.T.R.I.O.T act? Will you reverse the military commissions act? will you restore habeous? Will you make snooping/listening to private conversations/mail etc. illegal again except with a court order? Will you bring back America to the republic it was and WILL you respect the oath of office you will take to protect the constitution from enemies without and within?
Not one of you is apparently concerned with your despotic spiral into dictatorship as presently constituted. Not one of you asks anything remotely intelligent.
I for one, will never enter the United States of terror as long as this situation continues.
I wish you all good fortune and that you wake up from your nightmare.
Report thisBy fedupinfla, September 10, 2008 at 2:40 am Link to this comment
I gotta tell ya…I’m starting to worry about the mentality of people in this country. When you ask Repubs just WHAT it is they like about Palin, I hear stuff like…“she hunts, she fishes, she shops at Wal-mart just like regular moms, and she’s REAL.” “She could’ve had an abortion but gave birth to a DS baby anyway.” “She comes from a small town & understands small town values” But when you ask them what policies she supports that they approve of, all I get is, “she wants drilling & she’s against abortion”. THAT’S IT!!! With all thats facing this country after 8yrs under Bush, the fact that she bring NOTHING to the table other than a beauty queen smile, the ability to read a prepared speech & a questionable record as mayor/govenor (which somehow qualifies her to potentially lead our nation). Since the RNC, she’s made a few campaign stops with McCain, where she’s trotted out to make a 15min version of the speech she already gave at the RNC (complete with the same lies I might add) then MCain takes over and repeats HIS same lies about Obama raising their taxes and these people cheer like the sheep they are. Of course, when the camera pans the crowd, you see mostly older white men & women (the kind that don’t use the internet to check the facts & get most of their information from Fox/Fix news & Bill O’Reilly.) Don’t believe me?
Check this out: http://foxattacks.com/
We are being cheated people. Cheated out our 1 chance to REALLY make a difference in our children’s lives. McCain talks about change then turns around and hires Steve Schmidt to head his campaign. The same man who ran Bush’s campaign in ‘00. The same man who was behind the smear campaign against MCCAIN in SC by suggesting his adopted black daughter was really his illegitimate love child!!! Does that matter to McShame? HELL NO!!! Its all about winning now and ALL the stops are being pulled out. Lets face it, at his age (72) this is his last shot at the Oval office and he’s going to do EVERYTHING to acheive his goal. Even run the kind of negative campaign he swore he wouldn’t. Even if it means using Karl Rove behind the scenes. After all, “Bush’s Brain” did such a great job beating him before, didn’t he???
And now, after compaining that the media is “picking on” poor Palin for daring to question her qualifications as VP & not being “properly deferential”, she’s finally going to give an interview to Charlie “softball” Gibson. We’ve got less than 56 days to get past the hype and find out where she stands on the issues people!!!! And THIS is probably the best we’re going to get??? Lemme tell you something Charlie, you better not screw this up. The lives of millions of people and of their children are literally in YOUR hands. Your reputation and that of ABC news is on the line and I guarantee that if there’s even a WHIFF of pandering, there is going to be deafening howls of outrage directed at you!!! We will NOT accept softball questions or pre-prepared questions already approved by the RepubliCONs (led by Karl Rove.) Matter of fact, I think its time to take this criminal out of the equation don’t you?!?
http://sendkarlrovetojail.com
Wake up people…Our country needs you to make the right choice! Eight is Enough!!!!!!
Report thisBy writeon, September 10, 2008 at 1:26 am Link to this comment
(Unregistered commenter)
Unfortunately I believe we’ve definitively moved into another era in our culture. The end of the reign of rationalism. Symbolism, image, ancient archetypes, myth, illusion and the world of spirits, angels and demons, are making a comeback in a big way.
One could argue that they never really went away, but that’s another and highly complex story.
I think Sarah Palin is a fantastical candidate and embodies the change in our culture I refered to above. I also believe she represents the acceptable face of American Fascism. This time, as opposed to the 60’s maybe the revolt will come, not from the ‘Left’ but from the ‘Right’!
What really disturbs me is the idea that political/religious extremists like Palin and what she represents are moving closer and closer to real political power in the United States. They are moving out of the shadows into the mainstream.
But do the circles who have lifted Palin from obscurity, out of desparation, cynically; really understand the forces they are unleashing in society? Do they really think they can control the Christo-Fascist Right? I think they do believe this, and I think they are wrong.
Report thisBy Marianne, September 10, 2008 at 12:56 am Link to this comment
(Unregistered commenter)
In spite of the that the Press and Main-Stream-Media are in Bed with this McCain-Palin ticket,it should have become evident to the general public by now,that this election campaign is more than just about these two and their blatant,open blunt Lies.
However,the voting public must ultimately set the record straight this coming November
by saying >enough is enough And the only message these people understand is to elect Barrack Obama President ! !
All that non-sense we`re are
hearing from both McCain and this Sarah"Who ?” Palin,goes
along with that “obvious senseless politic"of GW Bush,
both are willing to follow.
Every person in his/her right mind must indeed feel justlike Obama said the other day :
“they must think you`re stupid” ,therefor rejecting this notion and send a clear,
unmistakably message comes November by voting the Obama-Biden ticket!
It must here also be noted that especially women should voice their disgust and anger at John McCain,with all his cheap,downgrading,derogative remarks toward them, for which he is best known for.
Any decent woman should feel
Report thisoffended by his immature,
cynical,insulting character…
unworthy of being a President.
By DoctorK, September 10, 2008 at 12:52 am Link to this comment
I think McSame’s just riding the wave of his running mate’s popularity and probably zones out when she’s talking, er..repeating the same speech on every whistlestop of their dog-and-pony show. God knows the audience can’t discern whether she is spewing fact or fiction and, unfortunately, don’t seem to give a hoot what she’s saying. Let’s see if separating the newly-formed Siamese twins has any effect on his numbers and how she performs in an “interview”, a term I use loosely given the lightweight who’ll be tasked with interviewing her. You just know the Repug spinmeisters are rubbing their hands together in prepping her for her solo debut…you think she and Charlie will go hunting or fishing?
Report thisBy yeh, September 9, 2008 at 11:01 pm Link to this comment
(Unregistered commenter)
I actually donated to both DNC and Obama, and voted for Obama, too. But, there wil be something to be said about Obama, if he looses this election because he followed his personal ego and picked the “second” best choice, rather than Mrs. Clinton, to be his VP running mate.
If this nightmare came true, Obama would be the one who actually “helped” to install a 12-16 year republican rule. Does anyone actually think McCain would win, if running against Mrs. Clinton?
Report thisYeh
Downtown, Los Angeles
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