Gazing at what inhabits Washington, DC from let’s say, Washington, NH, it is no surprise we are in slack-jawed awe of the financial calamity which has suddenly leaped upon us. (CNHT generated a press release back in 2000 warning of the Double Mac attack.)
Look at the bright side.
Until Social Security becomes insolvent in a couple years, the AIG insurance bailout and nationalization of over one half of the home mortgages in America is small potatoes.
What’s a trillion dollars worth of bad debt anyway? We have gone this route before with the S&L Crisis. Remember that dandy? Most people don’t. That crisis, like this one, was hard to understand.
Between 1989 and 1995 taxpayers here in good old America paid for bad paper held by savings and loans after deals they made went south. It was a government created scheme that worked perfectly – con men made big bucks on bad loans – Uncle Sam paid off with our money. Is it any different than this fiasco?
A loan is a deal between parties. If one party cheats another by deception, this is known as fraud.
When one party cheats another because he knows taxpayers will pay the bill, this is known as a government program.
Here is the bright side to the current “crisis”.
There may, someday, actually be an end to this mess. Granted, the end may be to shove the debt onto our children’s children with some tax scheme or to borrow our way out of it, if the Chinese are feeling generous and really care about the “tax-and-spend-to-buy-votes” addiction Congress has. I’ll bet they do.
On the flip side, the side I like, Democrats in Congress have found a way to spend so much money they may have just screwed themselves out of nationalized health care, nationalized health care being the unholy grail of the socialists in our government.
Imagine a Democrat trying to sell a multi-trillion dollar “free heath care” scheme after this bill comes due.