Don't Blame ACORN: Bernanke, Paulson, Bush and the Republicans are Making All the Wrong Moves

Bernanke, Paulson, Bush: Making All the Wrong Moves

It’s obvious by now that the Federal Reserve Chairman Ben Bernanke and U.S. Teasury Secretary Henry Paulson have made all the wrong moves. Lot’s of people (including yours truly, see http://john-hively.blogspot.com/2008_09_01_archive.html) said it wouldn’t help the economy when Paulson asked congress to approve that $700 billion dollar Wall Street bailout two weeks ago.

Paulson, Bush and Bernanke can throw $10 trillion at the financial markets and that’s just good money following bad because the liquidity of the credit markets isn’t the problem with the economy. These guys are idiots who think we might be heading into a recession if this credit liquidity problem persists.

First of all, we’ve been in a recession since at least November of last year. Second of all, the problem we have today is that so much wealth and income have been taken from the poor and the middle class through legislation and the financial markets that the demand for goods and services has become slack. Most of this legislation, such as free trade agreements, provide incentives for corporations to ship middle class jobs to low wage countries, hurting the demand sector.

Republicans have demanded these income transfer programs for forty years and they’ve gotten what they desired: a massive transfer of income and wealth to President Bush’s self-proclaimed base of “the have and the have mores. That’s who the Republicans (and many Democrats) serve.

Of course, we can’t fail the Republican push to mention the deregulation of financial and real estate markets. Does the name Republican Senator Phil (the whiner) Gramm ring a bell?

Let there be no mistake; this economic disaster is the creation of the Republican party and its failed ideologies.

But this complete failure has them foolishly looking at other excuses.

This morning Bill O’Reilly hosted some Republican moron on his radio show who insisted this financial calamity should be laid at the feet of a small community organizing group called ACORN. Apparently, Bill is dumb enough to believe Republican claims that this group caused this multi-trillion dollar catastrophe. No other claim to blame could be more stupid.

In the meantime, Bush, Bernanke and Paulson will continue to throw good money after bad in useless efforts to save Wall Street and the financial system from itself, and that poverty stricken ACORN group. How totally stupid!

That means we’re going to need a Democratic president and congress to rectify this situation in January.