I. Today, Republican Presidential Nominee, John McCain Shouted “Fire!” In A Crowded Movie Theater.Sure, it saves him from a debate, but this is about much more than that.
I am going to elaborate on the analogy. This week, faux maverick John McCain found himself in the position of Paul Rubens aka Pee-wee Herman back in 1991, when he was arrested for masturbating in public during a screening of
Nurse Nancy . Pee-wee Herman’s career as a beloved kid’s show host took a dive and never recovered.
John McCain found himself in a political free fall this week. After greeting a Monday market meltdown with the now infamous words
the fundamentals of our economy are strong , his campaign was shaken by the revelation that McCain campaign manager Rick Davis was paid a whopping $15,000/month by Freddie Mac through August
even though straight talking John McCain himself swore a few days ago that all financial ties between his campaign and Freddie Mac had been severed. http://www.nytimes.com/2008/09/24/us/politics/24davis.html?_r=1&oref=sloginWorse yet, the McCain campaign has spent all week running ads trying to paint Sen. Barack Obama as somehow to blame for the current economic and mortgage crisis, pointing fingers at his (supposed) ties to Freddie and Fannie, while attempting to hide the McCain campaign’s very real ties.
Talk about getting caught with your pants down.
What is a reformed Keating Five coconspirator to do? Stage a diversion. Start a run on the banks. Declare that the Second Great Depression will begin on…. Monday. Not Friday. Not Tuesday. John McCain has it penciled into his calendar. The stock market is definitely going to crash on Monday. His handlers told him so.
Wow. From “the fundamentals of our economy are sound” to “the economy as we know it will end on Monday” in one short week.
McCain got his running mate, Sarah Palin to start shouting “Fire!” from the balcony, while he was pulling up his pants. Here is video of her telling Katie Couric that the end of times are nigh.
http://www.youtube.com/watch?v=QL0Y0hMkSaMAnd then, something really crazy happened. Crazy, even by the standards of the wild and wacky John McCain campaign. The fire marshal showed up, and he started yelling “Fire!” too. But first they barricaded all the exits except one. And if the sight and sound of McCain and Palin and Fire Marshal Bush with his megaphone yelling “Fire!” got you scared out of your wits, there was only one way you could exit that crowded theater, out a door where a fireman was collecting patrons’ wallets and purses---to pay for the cost of the fire trucks that had been summoned to handle the nonexistent fire and the rescue of the people from non-imminent death----or maybe to rescue them from the sight of John McCain’s wrinkly ass. That last does sound pretty scary, but I am not sure it is worth my whole bank account.
II. “Fool Me Once, Shame On---Shame On You. Fool Me. You Can’t Get Fooled Again.” Here is a condensed version of Fire Marshall Bush’s
scary spiel:
Major financial institutions have teetered on the edge of collapse, and some have failed….We’re in the midst of a serious financial crisis…instability in our markets…our entire economy is in danger….avoid collapse…imminent collapse…severe financial trouble…the gears of the American financial system began grinding to a halt….the situation becoming more precarious by the day…undermine the financial security… There’s been a widespread loss of confidence… And major sectors of America’s financial system are at risk of shutting down….America could slip into a financial panic… a distressing scenario…More banks could fail…The stock market would drop even more, which would reduce the value of your retirement account….The value of your home could plummet….millions of Americans could lose their jobs….a long and painful recession…crisis…
http://www.clipsandcomment.com/2008/09/24/transcript-president-bush-address-to-nation-on-us-financial-crisis-september-24-2008/Sound familiar? It should. This is the same “Be afraid. Be very afraid!” message we heard from the administration repeatedly in the run up to invasion of Iraq. If you check out the whole transcript, you will see that it even includes the same “It will pay for itself,” promise that the administration gave before launching into the $500 billion and rising Iraq War which has only managed to pay the salaries of execs at companies like Halliburton, Bechtel and Blackwater.
Now, who would buy a recycled lie from this man?
Link to video
WMD Lies. Have your hanky ready:
http://www.youtube.com/watch?v=EYI7JXGqd0o III. I Am Not Afraid to Point Fingers There is nothing more disgusting than seeing some Republican like Orin Hatch declare that Bill Clinton caused the current mortgage crisis and then, with his next breath, exclaim that the subject of John McCain’s ties to industry lobbyist’s or his reason for staging his latest publicity stunt is off limits, because we can not introduce partisan politics into this “national crisis”.
Who do the Republicans think that they are kidding? Big Dog is scheduled to go on the road to campaign for Obama/Biden starting next week. The GOP is so scared they are pissing their pants. The nation
never had Wall Street Panic like this under Clinton. They have to do something to tarnish his image before he has a chance to anoint Obama as his economic successor.
Notice that in his fear speech tonight Bush pointed his finger a lot. He blamed 1) Someone in power more than 10 years ago (hint, hint), 2) Congress for authorizing Freddie and Fannie to do whatever it is that they do 3) New home buyers (meaning people who used to be redlined but who are now allowed to buy houses just like
hard working Americans , hint, hint).
Notice that Bush did not mention that for the past five years his administration has not only failed to regulate predatory lenders---those who stopped redlining only because it was more profitable to trick people into taking adjustable rate mortgages. His folks actually perverted an old Civil War era law so that they could prohibit states from enforcing their own banking laws to keep predatory lenders from preying on our most vulnerable citizens.
The next time someone tells you Clinton caused the mortgage crisis, you tell them that Bill Clinton tried to end redlining and give everyone in the country the opportunity and the financial resources to own a home. The Bush administration came in and decided that they would steal those financial resources
but not supply the homes. . That is what the current mortgage crisis is all about in a nutshell. Bush and Co. saw the economic prosperity of the middle class under Clinton and said to themselves
How can we steal that prosperity for rich folks and put working folks back in our rental properties? This is a story straight out of
It’s a Wonderful Life. Welcome back to Potter's Field.
And now the Bush administration is ready to make sure that the rich folks here and around the world get to keep the money they stole from America’s middle class---along with the real estate. Happy ending for them.
All the details that George W. Bush desperately wants to keep hidden about his complicity in the scamming of America’s middle class are in the Washington Post editorial written by Eliot Spitzer this Valentine’s Day.
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.htmlWhile the right wing seeks to blame the victims (the poor, immigrant, female and minority home buyers who moved from being victims of redlining to being victims of adjustable rate predatory loans), in fact it was the mortgage industry which violated the law and rules of common human decency in their greed. They were the ones that proved that FDR was correct when he imposed regulations on capitalism----because without it, capitalism really will sell the rope that will end up being used to strangle it.
http://www.usatoday.com/money/economy/housing/2007-04-25-subprime-minorities-usat_N.htmThere are many reasons minorities turn to subprime lenders. Firms have aggressively marketed their products to populations that have long been underserved by, and often don't trust, traditional banks.
Recent immigrants lack credit histories, and 35% of Latino families don't have checking accounts. Hispanic families are more apt to have undocumented income, leading them to lenders who make loans without income verification, according to the National Council of La Raza. Lower rates of minority homeownership mean less wealth to draw on.
Regulation has been spotty. Federal data on race or ethnicity and lending were recently expanded by regulators. But they don't include credit scores, making it difficult to easily ferret out reasons for pricing disparities.
Independent analyses and government investigations indicate that minority borrowers are steered to higher-cost loans even when they qualify for cheaper products. Countrywide (CFC) Home Loans settled a New York lawsuit over racial disparities in lending last year, compensating some Latino borrowers and setting up a $3 million education program.
Many subprime lenders, who operate through loosely regulated mortgage brokers, aren't covered by federal banking laws that provide consumer protections and are designed to prevent discriminatory lending. The non-profit National Community Reinvestment Coalition, in a recent study of the 25 top U.S. metro areas, found fewer commercial bank branches in minority and working-class neighborhoods.
The states tried to take up the slack when the feds looked the other way. The feds went to court to protect the right of mortgage lenders to discriminate. And deceive. And steal. And ultimately, destroy the economy.
I guess there is a panic. In the White House. If they do not help John McCain cover up his lobbying indiscretions and steal this election by blaming the mortgage crisis on the victims, then there is going to be a very ugly round of finger pointing, and all those digits are going to be aimed at Bush.
What did they expect from a man who never met a company he couldn’t run into the ground?