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View Diary: VIDEO from 1999: Byron Dorgan vs. Gramm Leach Bliley-- WOW (197 comments)

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  •  Americans can't handle the truth. (11+ / 0-)

    Notice all the empty seats behind Dorgan?

    Reality and common sense was pretty unpopular then, and still is.  The problem isn't going to be fixed by pouring money into the problem.  That's simply a last ditch effort to prop up the illusion that things are still OK.  

    An honest approach to a return to a sane and well regulated economic policy isn't what the bailout is about.  America "can't handle the truth", even when it's delivered point blank by a few good men.

    "If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed." -- Mark Twain

    by ovals49 on Wed Apr 08, 2009 at 04:29:08 AM PDT

    [ Parent ]

    •  Right (9+ / 0-)

      I was thinking the same thing. Which is why no one is doing what Paul Krugman, Stiglitz is saying needs to be done. The right answers are politically the wrong ones. I have this vision of Obama like the guy that keeps the plates spinning on poles: At some point something has to fall, and all he is trying to do is to control how many and not at one time.

      What still makes me angry is that "subprime" is still being used as a scapegoating shorthand that in some ways stands in the way of solutions. I just saw Sen. Inhofe criticizing the budget, saying it was giving people on welfare (read black and brown) more money not to work.

      The media disingenuously promotes this ugly inaccurate shorthand that really prevents us from solving this crisis. Better they just sy that these are greedy and ugly people who think its a game.

      Wonder of wonders. If McCain had won, and Phil Gramm was Treasury secretary, how this would be playing out now.

      •  I was just thinking along these same lines. (3+ / 0-)

        Love the spinning plates image.  Financial players were simply responding predictably to incentive.  Until thoughtful people with a long-range, bigger-picture outlook change the incentive, the behavior will continue.  We face the need for radical, frightening, and painful changes in behavior in many, many areas.

        I was thinking of fishermen whose resource is running out.  They have been told by scientists that they have to stop fishing or the stocks will be depleted.  How many of us can say that, on the basis of that fact alone, we would choose to face not feeding our families tomorrow?  If the government had not stepped in with regulations, the fishing would have continued until fishermen had permanently fished themselves out of a job.  Similarly with logging.  So, when it's time to face some tough music on the basis of theory and long range planning, the magical human self-interest of capitalism does not provide the necessary incentive.  And it is human nature to put off facing the music until tomorrow.

        Are we willing to absorb that our banks are insolvent?  Not by expecting bankers to act any way other than desperate gamblers doubling down.

        Are we willing to face the urgent need radically to alter the ways in which we create and utilize energy?  Not if we expect entrenched fossil fuel and nuclear interests to lead the way to conservation and solar.

        What are the chances that we will choose to cut back our standard of living to slow down the trashing of the planet?  Not much if we look to television advertisers and corporations driven by profit to answer our questions.

        What would force us to face the fact that we can no longer afford our gigantic MIC?  Do we expect contractors to voluntarily walk away from jobs?  Do we expect some state to raise its hand and say, "Go ahead, get rid of the jobs in our area?"

        What are the chances our system of education will suddenly wake up to the fact that it cannot sustain spending 75% of its resources on expenses not directly related to teaching?

        Which media outlet will choose to take an enormous financial hit by moving away from infotainment and back to serious, boring news reporting?

        What are the chances of taking enormous amounts of money from big pharma and the insurance industry in order to create a sensible health care system?

        It's increasingly difficult to keep all these plates spinning, but no one wants to crash the party.

        a rhetoric of peace and not a surrendering one. The kind of peace that stands up for human values, civil discourse, and basic decency.

        by geomoo on Wed Apr 08, 2009 at 02:02:08 PM PDT

        [ Parent ]

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