In the movie Casablanca Claude Rains shuts down Rick's American Cafe because he was shocked to find out that there was gambling on the premises. As he is shutting it down one of the croupiers walks up to him and hands him his winnings from the same gambling tables that he just shut down.
Well the same thing is happening in the domestic financials markets. Members of Congress and members of the executive branch are shocked by the magnitude of the crisis. These are the same folks that created the problem to begin with. The large part of this problem was created in the 1990's when Wee Willie Clinton needed a populist rallying cry so he said that was everyone should own a home in this country. Instead of everyone should have opportunity to make enough money to buy a home that they can afford. We all know that everyone should nor more own a home then they should own a Bentley. This crew on the ship of fools continue to float along on a magical mystery tour. Talk about hypocrisy Chris Dodd is calling for caps on executive compensation when he tooks hundreds of the thousands of dollars from his buddies at Fannie and Freddie and almost singlehandly allowed them to turn a government guaranteed organization into their personal hedge fund. Using the Feds bank account to achieve their own financial goals. Maybe Dodd should take a paycut. Then there was Alan "I have never been wrong in my life" Greenspan who when asked about the ever increasing percentage of mortgage debt to personal income said that the increase in home prices would create a cushion for the homeowners. Well Al that works until it doesn't.
In this era of transferring personal responsibility to collective responsibility it is very troubling that we have the likes of Chuckie Schummer, Harry Reid, Barney Frank and the like to lead out of this mess. Tell you how bad it is the smartest one of the entire crew is Richard Shelby.
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