Just taking a lead from a "Why Are Republicans So Mean?" thread. Demonizing is always good.
Been reading what is essentially liberal circle jerking here about the stimulus plan, much of it excoriating Republicans for being against it and cheering the three Republicans who voted for it.
You won't hear Obama say "I screwed up" over this thing when it's all over because it will be a world class, Olympic screw up, not like the throwaway, easy one over Dashchle that has everyone swooning over his "honesty." Wow! He said he screwed up because his vetting people screwed up. Not like admitting you screwed up The Bay Of Pigs.
It takes so little to please the Kool Aid Krew. They see what they want to see.
So, stimulus bill, bailout, whatever, the Obamamaniacs will buy anything. Let's start with the bailout and the only man who could handle it, despite his tax cheating.
From that hard core, right wing blog called HuffPo, people who suck at the teat of Rush Limbaugh, Bush, Cheney, Haliburton and mean Republicans everywhere,, we have three articles, by three different writers, on the same day, all warning your asses about the mendacity of the Obama administration.
From William K. Black, a guy who helped engineer the S&L bailout
The Audacity of Dopes
"We are being played for chumps. The Bush and Obama plans could only have been designed by failed bankers -- for their principal beneficiaries are failed bankers. We already know enough to confirm that the Bush administration made us the "fool" in the market by massively overpaying for assets. The Obama administration is about to compound that scandal with a "guarantee" program. ...
"Worse, Mr. Geithner, the senior public official who, with former Treasury Secretary Paulson, designed the failed Bush plan is the architect of the disastrous Obama plan. Indeed, as the New York Times has just revealed, it should be called the Geithner plan. He overcame intense opposition within the Obama administration and designed a plan that is even worse than the failed Bush program. Geithner's gifts to the bankers that caused the crisis include: a unnecessary taxpayer bailout of "risk capital," a massive coverup of their banks' insolvency, gutting the proposed limits on executive compensation, and devising a "guarantee" mechanism designed to hide the expenses of the unprincipled bailouts from the American public. Remember, executive compensation is not "merely" a fairness issue. Executive compensation and the compensation systems used for appraisers, accountants, and rating agencies were designed, and served, to create the perverse incentives and ethical rot that caused the ongoing financial crises by producing a "Gresham's dynamic" in which fraudulent and abusive lending and accounting practices drove good practices out of the marketplace ...
"What a delicious irony this is--last week, just as President Obama was publicly bashing the stupidity of the banks ... his economic team [was] privately begging for input from Wall Street. The administration was conducting around-the-clock discussions and interviews with senior Wall Street executives, including many from the same firms he was theoretically appalled with, about how to fix the lingering financial crisis."
Ahhhh, well, it's just too depressing. Here's the link, if you want to read more.
Or this piece from Robert L. Borosage
Or From Ryan Grim on HuffPo
New Treasury Plan Weakens Critical Wall Street Accounting Rules
The financial plan announced today by Treasury Secretary Timothy Geithner appears to have accomplished, through a backdoor path, one of the top priorities of Wall Street bankers: ending so-called 'mark-to-market' accounting rules that many economists consider essential...(Mark-to-market accounting requires banks to value assets at current market prices, rather than by historical purchase price.)
Now, economists say, it appears that Wall Street has won out. Geithner's plan would give a federal guarantee to toxic assets. That guarantee increases their value, mitigating the relevance of mark-to-market. ..."
Read on if you can. It's just too depressing.
And a little tidbit from noted arch Republican, Maureen Dowd, in today's Pravda.
"Despite the touting, the Treasury chief unveiled a plan short on illumination, recrimination, fine points and foreclosure closure. The Dow collapsed on its fainting couch as Sports Illustrated swimsuit models rang the closing bell.
"It wasn’t only that Geithner’s own tax history — and his time as head of the New York Fed when all the bad stuff was happening on Wall Street, and when he left with nearly a half-million in severance — makes him a dubious messenger for the president’s pledge to keep the haves from further betraying the have-nots.
"It wasn’t only that Americans’ already threadbare trust has been ripped by Hank Paulson’s mumbo-jumbo and the Democrats’ bad judgment in accessorizing the stimulus bill with Grammy-level “bling, bling,” as the R.N.C. chairman, Michael Steele, called it. ...
"Geithner is not even requiring the banks to lend in return for the $2 trillion his program will try to marshal, mostly by having the Fed print money out of thin air, thereby diluting our money, or borrowing more from China. (When, exactly, can China foreclose on us and start sending us toxic toys again?)
"There’s a weaselly feel to the plan, a sense that tough decisions were postponed even as President Obama warns about our “perfect storm of financial problems.” The outrage is going only one way, as we pony up trillion after trillion......"
Ay, yes. things are looking up now that the Democrats are in charge.