The Bitter Ironies of September

September 24, 2008 by Rob Benson 

(Guest Contributor)

These days have produced some great ironies. Not the least of which is the current scene on Wall Street: The “free market capitalists” are the ones at the helm when we have the biggest fiasco of the financial system to date, and they are proposing a bail-out? The free marketists created the very system which will result in the biggest regulatory intervention ever: so far $1 trillion proposed to bail out the Wall Street financials.

Ironic that under Bush, the conservatives allow the governmental bail-out in the first place. Furthermore, the RTC (governmental commission to oversee and take in conservatorship of the assets that are upside down) and other heavy-handed governmental regulatory agencies that will come from this are far more heavy-handed than the regulation repealed by the GOP in the 80’s!

Ironic that while the Chinese have worked to “privatize” their biggest banks over the last decade, the US of A has just “nationalized” it’s biggest banks!

Ironic that the American taxpayer will bail out the CEO’s of Wall Street, whose taxes the American taxpayer, through the representatives, voted to decrease!

Ironic that the American taxpayer will bail out the biggest financial giants whose shares are widely held by foreigners!

Ironic that Morgan Stanley, an age-old American financial, is being looked at for purchase by a Chinese bank.

It’s ironic that John McCain who has defended the SEC and the “down-regulate” culture of wall street now calls for Chairman Cox to be “fired!” Further ironic that he was considering Cox for his VP.

Ironic that Bush spent us into uncharted deficit territory, while Obama is vowing to cut spending and cut taxes on the middle class.

Ironic that during the Clinton years, we saw more economic growth, less governmental spending and saw an expansion of global trade activity, while during the Bush years we’ve seen more spending, less growth and a decrease in our ability to expand trade.

It’s ironic that the mean income of the majority of the conservative voting block is “middle class” while the two groups of voters for Obama are “wealthy/upper class” and “lower class/poor” — yet, Obama is proposing a sizable “middle-class tax-cut.”

Furthermore, irony strikes broadly in politics these days: The “family-values” party nominates a man known for NOT being a family man and a woman who chooses to run for the highest office in the land right after having a baby!, while the other party’s two nominees are well known family men.

The party who claims to defend fighting for the rights of women misses the opportunity to nominate the first woman to the highest office. While the other party chooses a woman to run as VP.

The minority nominee is the most educated in the running. The minority nominee has the most statesman-like temperament.

While John McCain accuses Obama of being inexperienced, he chooses a green governor of a small state who’s only other experience is mayor of a town of 7,000 people.

It’s ironic that the man who fought for campaign-finance reform is now being out fund-raised by his counterpart because of his own rules.

Ironic that the party in favor of a “free press” cloisters their VP nominee, Palin, from any exposure to the press.

Ironic that Palin, a staunch opponent of sex education in schools — even if it’s limited to teaching abstinence — has a teenage daughter who is pregnant.

Ironic that McCain calls Obama “elite” while the combined net worth of Obama and Biden is a fraction of the networth of Palin, and Palin’s net worth is a fraction of McCain’s!!

Ironies that may shift the entire political and economic field.

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Filed under: America, Economics, Elections, Monetary Policy, Politics, Taxation
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Comments

One Response to “The Bitter Ironies of September”

  1. Dave W. on September 25th, 2008 10:13 am

    Two more ironies:

    Last year at about this time, GWB vetoed a bill that would have subsidized spending on health care for this nation’s poorest children: the pricetag–$35 billion over several years. This year he is begging for 20 times that amount, $700 billion, to subsidize the Hampton mansions for this nation’s wealthiest.

    People keep calling Obama a socialist. What is this bailout but socialism, but only for the investing class, the wealthiest of Americans, and on the backs of all tax-payers?

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