Game. Point (proven). Match.
Sen. Phil Gramm of Texas, a top economic adviser for (John McCain's) campaign, said that the country is "a nation of whiners" mired in a "mental recession" that has exaggerated current economic woes.
The truth hurts. Get over it. We're fat, dumb, unhappy, and catterwall more about pre-empted soap operas & $1 ATM fees than putting a muzzle on pork trough, vote buying, congress critters who ram it to the taxpayers every April 15th without dinner, a kiss, or lubrication.
And, John McCain, ever the middle of the road politician, issued a disclaimer:
"Phil Gramm doesn't speak for me. I speak for me," McCain told reporters in Belleville, Mich., noting that a recently out-of-work person "isn't suffering from a mental recession."
Even as the non-recession continues.
But that didn't stop the nanny state from marching on soze the "swooning" masses can eat their cake & still have it on their tables.
U.S. Gub'mint marches closer to nationalized mortgage industry.
Under a conservatorship, the shares of Fannie and Freddie would be worth little or nothing, and any losses on mortgages they own or guarantee — which could be staggering — would be paid by taxpayers.
The government officials said that the administration had also considered calling for legislation that would offer an explicit government guarantee on the $5 trillion of debt owned or guaranteed by the companies. But that is a far less attractive option, they said, because it would effectively double the size of the public debt.
The lone voice of reason came from Treasury Secretary Henry Paulson when he told the congress critters this week:
Homeowners should not anticipate a government bail-out, said Paulson.
“These borrowers can and should be living up to their mortgage commitment — government intervention here would be inappropriate.”
"For market discipline to be effective, market participants must not expect that lending from the Fed, or any other government support, is readily available," Paulson said. "For market discipline to effectively constrain risk, financial institutions must be allowed to fail."
Federal Reserve Chairman Ben Bernanke simply asked congress for greater regulatory controls to make the credit & underwriting process more idiot proof. (DOH!)
But I'm certain this will only cause more whining!!
God save the Republic.
