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Next entry: Survey USA: only 10% want debate delay Previous entry: My Head Is Spinning

Shorter George W. Bush

The market always works, except when it doesn’t.

(Did he just say he’s a strong believer in allowing businesses to fail? I’m not sure “allow” was the word for it back when he was in the business world…)

 

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Posted by Auguste on 10:07 PM • (65) Comments

Remember, he drove his oil company into the ground, so he knows all about economic failure. He just wanted to share it with us on a larger scale.

Comment #1: Pam Spaulding  on  09/24  at  10:20 PM

Notice the words he didn’t use: Deregulation, transparency, accountability.

Although he did say they wanted to “put taxpayer dollars on the line,” which is about right.

Comment #2: realityfighter  on  09/24  at  10:27 PM

Did anybody else notice the part where he framed the entire explanation around those lazy greedy poor people who just had to have their munneez? 

That might have been my favorite part.

Comment #3: The Opoponax  on  09/24  at  10:38 PM

Opo, that was my favorite part too, if by favorite you mean made me want to gouge my eyes out.

Comment #4: realityfighter  on  09/24  at  10:56 PM

You guys make it sound like all George Bush can do is drive oil companies into the ground.

I’ll have you know that he destroyed amajor leage baseball team as well.

The man is a genius when it comes to moron multitasking!

Comment #5: Beast  on  09/24  at  11:11 PM

Well, george now has the privilege saying he not only managed to kill a few companies but if we take the liar at his word (just for the sake the rest of the sentence) then we know george can now add “killed the American economy” to his CV.

Heckuva job bushie.

And seriously, if you’re a republican isn’t the last thing you want on TV pres. drunky mcstaggery telling the American people he’s putting “their money on the line”?

I mean holy shit, are we enablers or what?

Comment #6: ice weasel  on  09/24  at  11:25 PM

No, the SEC was the enabler. The Securities and Exchange Commission allowed this to happen.

They provided special dispensation for the 5 affected firms to lend at 40-to-1. They allowed it to happen by design. Normally banks are limited to 10-to-1, but Bear Sterns, Washington mutual, etc. were given special permission to overextend themselves. It wasn’t a mistake, it happened by design.

Comment #7: banisteriopsis  on  09/25  at  02:18 AM

Remember, he drove his oil company into the ground, so he knows all about economic failure. He just wanted to share it with us on a larger scale.

Indeed: his daddy’s pals paid off his failures then; nobody can argue that he hasn’t shown ambition now.

The use of the passive voice—all of those 40-to-1 leveraged I-banks apparently woke up one day and found themselves in the shitter—was the most annoying part. Mistakes were made. I liked Craig Ferguson’s take: spend the money on a new prison for all the Wall Street fat-cats.

Comment #8: pseudonymous in nc  on  09/25  at  04:15 AM

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Comment #9: kzoffpn  on  09/25  at  06:04 AM

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Comment #10: ffctigm  on  09/25  at  06:04 AM

They took actual assets and bundled up their value into virtual assets and then bundled up those values into even less actual virtual assets and after those assets evolved (or, for those who insist upon such things, were created) a few more times, they were suddenly worth a great deal though they were difficult to value but sure were useful in the search for more virtual assets.  What could have possibly gone wrong?

What needs to be done, if and I mean only if this plan needs to happen, is a shitload of untangling.  The assets, mostly, still exist.  The leverages against them need to be looked through, we need to find the next few generations of owners, compensate them to some degree, and then figure out how much equity the owners have in their assets (which will range from less than none, a little, to a lot) and let the homeowners find some sort of financing to figure out how to pay the rest to the bailout plan holder.  Or, if they can’t find an institution to get a loan, they can negotiate with the government.  Imagine if we as a country lent and sold mortgage bonds.  I’d put some investments into that.  Then, since the nation has pretty much renationalized Freddie and Fannie, we can get in the mortgage business again.  And the overall non-governmental business will be hampered by government rates.  And this won’t seem like such a bad thing when compared to total financial ragnarok and all the giants and gods doing crazy shit and all.  If those financial giants can find more money to play with, then they’ll do so.  And they will, and they’ll do fine.

Comment #11: jon  on  09/25  at  09:56 AM

¨Did anybody else notice the part where he framed the entire explanation around those lazy greedy poor people who just had to have their munneez?¨

Yes! How crummy Bush and Republicans would try to pin blame just on borrowers. They encouraged this with their vision for America of conformity in family suburban homes. They made people feel that they had to own a home they couldn´t afford just to be a patriotic part of this country. Why do Democrats support a bailout, when they should be supporting what jon proposed, such as stepping in, in some circumstances, to extend credit to those who cannot get it in the market? That strikes me as the proper liberal response, not a subsidy for what was always a conservative cultural idea for America. Why all this talk of having to do something? The correct liberal answer is: Let´s do nothing and let the state address the needs of the needy as a result. The correct libertarian answer is: Let´s just do nothing. That shouldn´t leave too many supporters of a bailout.

Comment #12: Luke  on  09/26  at  12:23 AM

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Comment #13: gthristgtpherSmith  on  09/26  at  02:24 PM

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Comment #14: LgtisSeuss  on  09/26  at  02:46 PM

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Comment #15: RuthMgttthigts  on  09/26  at  03:08 PM

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Comment #16: gthgtrmgtinePgtwluk  on  09/26  at  03:32 PM

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Comment #17: Sherigtgtrter  on  09/26  at  03:54 PM

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Comment #18: DgtnMiller  on  09/26  at  04:17 PM

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Comment #19: StephenLengt  on  09/26  at  04:40 PM

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Comment #20: gthristgtDiggs  on  09/26  at  05:03 PM

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Comment #21: JgthnRgtbinsgtn  on  09/26  at  05:26 PM

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Comment #22: LgtrrySmith  on  09/26  at  05:49 PM

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Comment #23: JgthngtFields  on  09/26  at  06:35 PM

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Comment #24: WilligtmDgttsgtn  on  09/26  at  06:58 PM

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Comment #25: gtndrewLiving  on  09/26  at  07:21 PM

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Comment #26: Jerrygtgtbgts  on  09/26  at  07:44 PM

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Comment #27: RigtkWgtgtds  on  09/26  at  08:08 PM

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Comment #28: GergtldStinnett  on  09/26  at  08:31 PM

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Comment #29: MgtniqueZgtpien  on  09/26  at  08:54 PM

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Comment #30: RgtbertHerbert  on  09/26  at  09:18 PM

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Comment #31: PgtmelgtGildgtre  on  09/26  at  09:41 PM

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Comment #35: gthrisGreen  on  09/30  at  06:53 PM

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Comment #36: JgtnnGegtrge  on  09/30  at  07:29 PM

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Comment #37: EddieMgtrtin  on  09/30  at  08:03 PM

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Comment #38: LetigtigtBgtker  on  09/30  at  08:35 PM

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Comment #39: PeterHiltgtn  on  09/30  at  09:41 PM

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Comment #40: Tgtnygturrey  on  09/30  at  10:15 PM

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Comment #41: gthgtrityMgtlingt  on  09/30  at  10:49 PM

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Comment #42: Mgtdelinegtiudi  on  09/30  at  11:23 PM

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Comment #43: RgtbertHeppner  on  10/01  at  12:30 AM

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Comment #44: TgtmmyRgtselli  on  10/01  at  01:03 AM

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Comment #45: ThelmgtSgthultz  on  10/01  at  01:37 AM

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Comment #46: LlgtydMgtrtindgtle  on  10/01  at  02:10 AM

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Comment #47: DgtnielShepgtrd  on  10/01  at  02:50 AM

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Comment #48: StevenSmithermgtn  on  10/01  at  03:23 AM

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Comment #49: FredrigtkDgtniel  on  10/01  at  03:57 AM

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Comment #50: EliHgtrrisgtn  on  10/01  at  04:37 AM

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Comment #51: LuisMikgt  on  10/01  at  05:14 AM

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Comment #52: WilburHgtrvey  on  10/01  at  05:57 AM

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Comment #53: BettyBurkhgtlter  on  10/01  at  06:29 AM

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Comment #54: SusgtnneSgttterwhite  on  10/01  at  07:04 AM

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Comment #55: DgtlgtresMgtgtlendgtn  on  10/01  at  07:37 AM

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Comment #56: Fevig  on  10/01  at  09:46 AM

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Comment #57: Yerkes  on  10/01  at  10:48 AM

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Comment #58: Som1  on  10/01  at  11:49 AM

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Comment #59: ClYpton  on  10/01  at  12:48 PM

BWnting, nursingraspberryPP, nursing,  >:[, nursing,  107497, nursing,  :-OO, nursing,  lgfwh, nursing,  qpm, nursing,  8]], nursing,  8-)), nursing,  8[[[, nursing,  650,

Comment #60: HKrvKrd  on  10/01  at  02:40 PM

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Comment #61: Coxbtbr  on  10/01  at  03:41 PM

B1tt1glini, nursing,  =[, nursing,  =PPP, nursing,  =-DD, nursing,  eyns, nursing,  %-DD, nursing,  6593, nursing,  ooudp, nursing,  =-DDD, nursing,  fqgaus, nursing,  169, nursing,  %]]], nursing,  21007, nursing,  02442,

Comment #62: Ningxi1  on  10/01  at  04:40 PM

Schuyler, nursing,  8-DDD, nursing,  29349, nursing,  12991, nursing,  785, nursing,  =-[[, nursing,  660, nursingangry(, nursing,  9306, nursing,  =(, nursing,  cgj, nursing,  muqy,

Comment #63: KYtz  on  10/01  at  07:27 PM

Sybil, nursing,  %-], nursingtongue rolleye, nursing,  =-), nursing,  8719, nursing,  >:-]]], nursing,  47545, nursing,  :-OO, nursing,  :-[[[, nursing,  528912, nursingangry(, nursing,  oymbq,

Comment #64: Gongmyunglbb  on  10/01  at  08:34 PM

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Comment #65: Atluri  on  10/01  at  09:37 PM
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