Wednesday, September 17, 2008

The Economy: It's Stupid.

I'll be the first person to admit that I'm somewhat of a simpleton when it comes to the financial crisis.  Before this week, I had never really heard of Lehman Bros. and all I knew about AIG was that Stockard Channing did the voiceovers for their commercials.  But now I know two things:
  1. Wall Street - and this economy - are in serious trouble.
  2. The financial industry has basically been taken over by the federal government.
This is scary on many levels.  For one thing, it seems like this problem should have been avoidable if sane, reasonable people had been in charge.  The very basic cause for what's happening is that banks and other companies loaned out lots and lots of money to people, many of whom can't afford to pay it back.  Hence, everybody's going bankrupt, and now the Fed is paying $85 billion to bail out AIG, after bailing out Bear Stearns earlier this year and letting Lehman Bros. die this week.

The past eight years, which, contrary to McCain's campaign have indeed been dominated by the Republicans, have shown us that a) you can't spend more money than ever AND lower taxes at the same time, and b) you can't deregulate the financial industry - somewhere, someone has to be looking over something!

The Republicans have made a habit of expanding government where we don't need it (spending, Iraq, Patriot Act, etc.) and cutting government where we do (not funding veterans, no oversight for Wall Street, 47 million Americans without health insurance, etc.).

I'm sure one of you out there is a Republican.  Explain to me why, after royally fucking everything over the past eight years, you deserve four more years in the White House?

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