Wednesday, February 18, 2009
Inside the Financial Meltdown
Frontline on PBS presented an inside look at the financial meltdown from June to October 2008. The subtitle of the program was, How the economy went so bad so fast and what Bernanke and Paulson didn't see, couldn't stop , and weren't able to fix.
'And weren't able to fix,' got to me. What about you? Did that phrase send a chill down your spine? As I said, the story ended in October, 2008. Lots of other stuff happened since then including a Stock Market at 7800.
The story itself is a classic replay of Katrina and Heckofajob Brownie: incompetent political appointees way over their heads, pretending to be have everything under control. The Bush legacy, again. Donald Rumsfeld, Michael Brown, Roberto Gonzales, C. Paul Bremer, Mike Leavitt, John Snow, Gale A. Norton, Jim Nicholson, among others.
Frontline barred no punches in calling these two incompetents out. Alan Greenspan, ever the wide-eyed free-marketer, was nailed as well. It was a complete repudiation and excoriation of Republican supply-side, trickle-down, unregulated economics.
And we thought that the legacy of Iraq would be the biggest scourge that the Bush Administration left on our backs! Little did we know what else they bungled so completely.
Now those idiots who gave us 8 years of this crap are nipping at the heels of Obama. We ought to start building a set gallows, Taliban-style, and have a public hanging. It would be cathartic albeit barbaric.