October 4, 2008

(S.C.) - When I look back at the week, I still believe that there are only two types of people being protected by the bailout - the bankers who are greedy and stupid and the elderly retirees whose retirement depends on the stupid, greedy bankers.

Who's at fault:
Franklin D. Roosevelt (D)
Lyndon B. Johnson (D)
Richard M. Nixon (R)
Jimmy Carter (D)
William J. Clinton (D)
Barrack Obama (D)
Barney Frank (D)
Chris Dodd (D)

There was an excellent expose done by David Asman of FOX News Channel which explains the whole thing.

It is also perfectly clear that if the rotten mortgages were not propped up, the only innocent people to be hurt were retirees.

Knowing that millions of retired mothers and grandmothers would be bankrupt is why, in the end, so many conservatives of both parties voted for the bailout.

Those workers who were going to lose their jobs will still lose their jobs, and even as Obama is being elected President, EVERYTHING that was predicted to happen, were the bill not to pass, WILL HAPPEN, anyway. Rusty, Yankee businesses with bad business plans WILL FAIL, strong Southern businesses with healthy business plans that do not depend on borrowing will survive. (One thing that WOULD help is going back to the use of specie - silver - for commerce.)

What is so plainly pathetic is that each wrong step along the way to the Rotten Mortgage Crisis was a good intention.   It is the pavement of the road to hell, and intention doesn't make it right.

We know that Americans have VERY short memories.   We know that Americans panic easily.   We know that Americans are not the tough people who were forged in the fires of the depression and WWII.

South Carolinians, on the other hand, are a different breed from most Americans.

There are few Obamicans here.   People here have better sense.

Yet, there will be weeping here for the death of the sensible free market.   But the funeral is long overdue.   It should have happened during the late 1930's.

- Dick Anderson