Friday, September 19, 2008

Musings On Bush's Economic Folly, Pt. 1

Yesterday a "smart" money fella claimed the total Wall Street-bailout cost to the American taxpayer would max out at $2,000,000,000,000. (In a perverse show of brainiac couching, he scribed this number as $2,000 billionas if that would cushion the blow!) This absurdly large number wasn't what threatened to expel liquid out my nose at supersonic speed. My autonomic response was triggered by the sheer fucking audacity of anyone to be so quick to put an ultimate price tag on this unmitigated disaster.

It’s early days yet, folks. We’ve just stepped onto Mr. Bush’s Wild Ride through our shambolic economy. Mark my words: Wall Street’s tagger will easily top $5 trillion. I’m nuts, you say? True. But what do you think would have happened yesterday if we were told anything near the real final cost? Exactly. Presto! Changeo! Out trots a Harvard economist to low-ball the final freight and jumpstart the market. It worked spectacularly. The stock market gained 780 points in 48 hours closing the week right back where it began.

Reactions run the gamut. I'm particularly fascinated that people have found comfort in the knowledge that George Bush was foiled in his quest to allow Wall Street’s GOP pals to plunge their grubby sausage-like fingers into that sweet Social Security pie. Social Security is safe from harm! Can I get a huzzah? Huzzah!

Let’s get real. Regardless of whether or not our Social Security fund is currently intact or not is immaterial. Either way it’s as good as gone.

Inna Wall Street stylee, the Bush administration mortgaged our future – the future we citizens are entitled to and have paid for up front no less – many times over. The Georgie and Dick Show has spent a preposterous pile of cash fast on their Greater War For Oil, endless campaign contributor spiffs and the exorbitant expense of the Republican-led “privatization will save Americans money” scam. Hell, we won’t begin to know the score until these crooks are out the door.

No surprise that. Cleaning out the cupboards is what Republicans do best. However, this smash-and-grab was decidedly different. Skillfully wielding twin bludgeons of “patriotism” and fear, George & Dick looted our treasury on an epic scale. Failing that they did what any average American would do -- they charged it.

Color me oddly impressed with the mad skilz of Bush and his henchmen. They not only managed to prop up their financially bankrupt regime long enough get reelected, but they also almost gave themselves time to scoot out the door unscathed. Ironically, it’s through the Bush administration's financial fairy tales that George finally lived up to his advance billing as “ the CEO President.” His dazzling display of bullshit business acumen was a treat to watch. Seriously. Because if there was even the tiniest hint we could default, Japan, China, the UK and the “oil exporters” will quit snapping up our debt tout de suite.

hat would have left us profoundly fucked.


Tomorrow: My Fantastically Dire Vision Of Future America