Who can forget the Bush administration's promises that led us into the Iraq War? If we don't strike them now, we'll be the target of nukes within the week. Now we have the Patriot Act, waterboarding, FISA, warrantless wire taps and all sorts of constitutional breaches which seem to make the Republican supporters and their corporate partners rich.
We've seen Oil companies get wildly rich, Halliburton make untold fortunes from no bid contracts, and hedge fund managers make billion dollar bonuses. Let's admit that there has been almost no transparency the past 7 years under a Bush sponsored laissez faire economy.
But looming for America is a potential sharp left pivot in the White House. With time winding down we're suddenly assured by Hank Paulson that the worst worldwide economic crisis is imminent if steps aren't taken within the next week. And he neglects to remind us that under his advice, the American public has already been given a $200B invoice for past mistakes that have done nothing to abate the meltdown.
Let's not forget that the one common mantra that permeates the GOP is an unholy avoidance of transparency. Even today Palin refuses to take questions from reporters. Chaney and Palin and even Todd Palin claim immunity from deposition. Transparency is an unacceptable compromise in Republican politics.
So we have a non elected Republican apointee, Treasury Secretary Paulson now insisting on godlike authority to hand out $700B to his Wall Street buddies, the great majority of whom are fellow Republicans. And if it isn't done by week's end, the world apocalypse will occur. Never mind that the free market with all its wise businessmen can't put a price on the value of the mortgages. Hammering Hank will do it.
Let's imagine the scenario. Hank's country club buddy calls up and asks for a meeting. No problem. Banker Scrooge arrives in his chauffeur driven limo with his Gucci briefcase full of mortgages that his firm paid $10B to buy. "Hank, my friend, let's make a deal."
"Well Scrooge, you know we're friends but I can't pay you the full value. I've got a lot of friends in the same boat as you and only $700B to hand out. I'm confidant that I'll be able to get another $300B-$500B before the end of the year, but right now my hands are ties."
"Hank, if we don't get a fair shake, I'll be forced to fire more associates and that's bad for America. I'll tell you what, give me $.90 on the dollar and we can scrape by."
"Scrooge, no can do. The latest market sale went for $.22. I just can't do it and sleep at night. Best I can do for my friends is $.80. I know it's important we keep Wall Street liquid, but there's been just too much bad news out there to pay everyone what they deserve."
"OK, Hank. If that's all you can do, we'll just have to accept your offer. See you at the club this weekend."
Memo from Paulson to Cheney:
It appears that the ultimate cost of your bailout program will approximate 1 trillion dollars. As such, there is no way for Obama to implement his universal health plan. You might remind the insurance companies that we expect sufficient reciprocity when they're signing checks.
Let's be honest. The implementation of the Paulson-Cheney-Bush-Rove Plan will effectively strip an Obama administration's budget options. Universal Health Care, Infrastructure improvement, funds for alternative energy and even the middle class tax cuts are all vulnerable. If you think that the GOP isn't well aware of this, you underestimate their willingness to impact Middle America. It's essential that Paulson isn't allowed to become king for the remaining term of Bush. We must insist on transparency and a bi-partisan set of people to monitor this program or America will see 4 more years of Bush's impact on the country. We cannot be rushed into this like we have been in the past. Nothing good will come of that.