I started watching the President's address on the financial crisis and the plan to take over the rest of the financial sector of the economy - aka the Big Bail Out. I didn't make it through the whole speech. I was too angry after the first section on "How did we get in this mess?"

Bush spoke at length about all of the actions of the financial industry and individual borrowers. He spoke about Fanny Mae and Freddie Mac. And how the combined decisions of all of these parties lead to the crisis we're in. He apparently couldn't muster the courage or the honesty to mention how many of the decisions made along the way were influenced or mandated by federal regulation.

I guess it wouldn't have helped him sell his plan to "fix" the problem if he pointed out how responsible the government was for creating it in the first place. Instead he painted a picture of the government as a spectator to the failure of the market.

I called bullshit and turned the TV off.

Posted by: Stephen Macklin at 08:32 PM | No Comments | Add Comment