I'll be the first to admit it. I was wrong. Totally. Stupendously. Egregiously. WRONG.
For months leading up to this moment, I have championed the notion that 'This is not a crisis!'
Erroneous is an inadequate adjective.
I'm an eternal optimist. So sue me.
Congressional Leaders Stunned by Warnings
WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Shock Forced Treas. Secretary Paulson's Hand.
For at least a month, Mr. Paulson and Treasury officials had discussed the option of jump-starting markets by having the government absorb the rotten assets -- mainly financial instruments tied to subprime mortgages -- at the heart of the crisis. The concept, dubbed Balance Sheet Relief, was seen at Treasury as a blunt instrument, something to be used in only the direst of circumstances.
One day later, Mr. Paulson and Federal Reserve Chairman Ben Bernanke sped to Congress to seek approval for the biggest government intervention in financial markets since the 1930s. In a private meeting with lawmakers, according to a person present, one asked what would happen if the bill failed.
"If it doesn't pass, then heaven help us all," responded Mr. Paulson, according to several people familiar with the matter.
The magnitude of this problem will ripple through World markets for years. And the face of American capitalism has been horribly disfigured. Is it really just a house of cards easily blown down by such a small percentage of 'toxic' investments?
Sort of. Because those charged with guarding the hen house from the fox sought their own windfall rather than doing their duty. For years.
And there are those in the World, not our friends, who are watching very closely.
To the islamo-fascists, the Twin Towers symbolized the collapse of the great satan's financial power. That didn't work, and only served to strengthen our resolve against an external enemy. But this latest injury is a revelation.
We have almost accomplished, through our own myopic malfeasance & criminal culpability, what OBL could only fantasize about in his wildest ‘great satan’ dreams.
The cartoon character 'Pogo' was prescient: We have seen the enemy, and he is us.
It would be interesting to juxtapose the current financial market foundations in the Islamic world against those in the West, and see who is superior right now; who has the power to leverage; who has the power to manipulate and possibly topple, the other.
And don’t think it hasn’t crossed the minds of the islamo-fascists. They’re gloating. And waiting. And devising new ways to incorporate new tools - financial folley & digital disaster - into their arsenal against the West.
"We have seen the enemy"..... let's not aid & abet them.
TY HA for the inspiration.