Rep. Frank isn’t just one of the funniest members of Congress – he’s one of the brainiest, too. The Republicans are floundering here, trying desperately to find someone – anyone – to blame for the mess they’ve made. But as they say in Texas, that dog won’t hunt.
Barney Frank is a dinosaur, like the rest of Conress, they’re just way too dumb to know it.
“A crap sandwich.”
So says House Minority Leader John Boehner (R-OH) describing the $700 billion bailout he supports but fears. He’s pissed because he knows his party is going down in flames but he hasn’t yet figured out that that’s exactly what’s in store for the winners too.
It doesn’t matter when or even if the bailout passes. The damage has already been done and the economy is in failure mode.
According to the US Treasury the national debt is exactly $9,889,199,531,449.08 (as of yesterday). That’s almost $10 trillion dollars and it increased by about $700 billion dollars this year because of the US war to steal oil. By the end of the year it’ll be in the vicinity of $2.5 trillion dollars higher. The math is as simple as the consequences will be catastrophic.
Each year the Clinton/Bush genocide goes on costs about $500 billion dollars. This weekend the Congress loaned $25 billion dollars to Ford, GM and Chrysler, but the amount was almost too piddling to be noticed. Add an absolute minimum of $1 trillion dollars for the big bailout, another $1 trillion for Fannie Mae and Freddie Mac (with out of pocket losses adding about $200 billion dollars), and $85 billion dollars for AIG. Add substantial amounts for losses and for inflation and pretty soon you’re talking real money. (That’s a joke from a description of Germans carrying baskets of million Mark notes to buy a loaf of bread. Before the Deluge, A portrait of Berlin in the 1920’s Otto Freidreich, Harper Perrenial, 1995.)
For a year of two the left has used the term ‘looming economic crisis” but now we’ll have to stop; it’s here. The economy will be crushed under the weight of that debt. . The left will be organizing to compel the government to renounce the debt, immediately end the genocide, nationalize failed business without compensation under democratic control and use the money for social programs, to improve the infrastructure and begin a crash program to deal with the effects of the looming environmental crisis created by the unchecked degradation of programs like NAFTA and Bush’s withdrawal from the Kyoto Treaty.
“May you live in interesting times” is an ancient curse. Now it’s official: we live in interesting times. Those times are going to destroy McCain and Obama and their parties.