Topic: October 14, 2008: The Day the Economy as We Knew It Died

[rickl]

Almost everyone who believes in the Constitution and free markets properly considers October 3, 2008, one of the darkest days in U.S. history. It was on that day that the “Emergency Economic Stabilization Act” creating the Troubled Asset Relief Program (TARP) became law. A day later, I wrote that law’s passage, accompanied by tactics and threats which amounted to orchestrated blackmail, over the strident objections of over 150 economists from across the political spectrum, only days after its initial voter-driven failure, proved that Washington’s politicians and elites “don’t care what we think.”

Abhorrent as it was, the sickening saga of TARP’s enactment was nothing compared to what transpired less than two weeks later.

...

On October 14, Paulson, with President George W. Bush’s shameful capitalism-betraying acquiescence, morphed the program into a hostile government takeover of the banking system. If there’s one thing the ignoramuses in the Occupy Wall Street crowd and the American people in general need to understand, it’s this: Hank Paulson didn’t ask.

Instead, as the New York Times reported, Treasury’s Godfather called big bank executives into a meeting with no pre-announced agenda, made them an offer they couldn’t refuse, and created the unmistakable impression that every one else below them in the pecking order would have to fall in line...

That the establishment media had no problem with Paulson’s “purchases” is no surprise. The Associated Press almost admiringly described the meeting as “remarkable.” Democratic presidential candidate Barack Obama, along with many Democrats and far-leftists (a virtually redundant term), likely and quite privately thought they had died and gone to heaven with the sudden progress just achieved towards completing the fifth plank of the Communist Manifesto — on a Republican president’s watch.

I remember saying at the time that this set the table for Obama to take government intervention to the next level.

Link (Several excellent comments, too.)

[Libertas]

It did do that.  And there is no arguing with the horrific results we now see all around us. 

[IronDioPriest]

...Democratic presidential candidate Barack Obama, along with many Democrats and far-leftists (a virtually redundant term), likely and quite privately thought they had died and gone to heaven with the sudden progress just achieved towards completing the fifth plank of the Communist Manifesto — on a Republican president’s watch.

Fifth Plank of the Communist Manifesto: Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.

As I watch events unfold, and think about the Bush years - the destabilizing effect of the wars, his big government initiatives, his initiation of "stimulus" into the lexicon with the paltry little tax rebate handout, TARP, the auto bailouts, his refusal to defend his administration - allowing the Left to define him - setting the stage for the Leftist route of 2008... I can't help from time to time but wonder about his loyalty to the country.

There, I said it. As much as I believe that George Bush's actions seem on the surface to be those of a kind man with a good heart and pure motivations, I wonder, and it niggles at the back of my mind like a parasite. Little to none of what we are currently going through would be possible without George W. Bush setting the stage in almost every aspect.

[charlesoakwood]

That snowball was already rolling down hill.  Imagine him Atlas holding back the AlGore surge.


merle haggard - are the good times really over

[IronDioPriest]

I think about that too Charles. It doesn't stop me from wondering though.

15 “Beware of false prophets, who come to you in sheep’s clothing, but inwardly they are ravenous wolves. 16 You will know them by their fruits. Do men gather grapes from thornbushes or figs from thistles? 17 Even so, every good tree bears good fruit, but a bad tree bears bad fruit. 18 A good tree cannot bear bad fruit, nor can a bad tree bear good fruit. 19 Every tree that does not bear good fruit is cut down and thrown into the fire. 20 Therefore by their fruits you will know them.

[charlesoakwood]

One thing for sure, we are afforded the opportunity to do the necessary pruning.
Let us pray we do a good job.

[IronDioPriest]

One thing for sure, we are afforded the opportunity to do the necessary pruning.
Let us pray we do a good job.

Yes, yes indeed. We still have the opportunity and the tools, all we need is the wisdom.