Thoughts On Sunday Bobbleheads

by tristero

I watched the Sunday talk shows, which I rarely do, as I usually have something important going on on Sunday morning, like watch the battery charge reach “full” in my portable computer. Anyway, here is what I learned.

First of all, I learned that none of the networks care to educate their viewers about this crisis. Not a single economist was scheduled, or appeared, on any of these shows. Instead we got, for the most part, ignorant or economic amateur congresscritters combined with self-admitted ignorant commentary from hosts (Schieffer) and “journalist panels” (the worthless worthies that infect Steph). Bloomberg lurked on one channel, but he didn’t spend valuable tv time explaining anything, of course. Instead he heaved and struggled to present himself as a post-partisan-above-the-fray problem fixer who is available, should anyone ask, to take over the country on a moment’s notice.

Henry Paulson, on Steph, sounded on the verge of panic (especially when Steph lobbed softballs at him in an angry tone), but that didn’t stop him from repeating the following talking points, which he spewed out again on all the shows:

The mission now is “protecting the American people.” He repeated that hoary bromide at least five times by my count. (This exact same line was also repeated by John Boehner several times on another show. Nothing as simple and direct was said, at least that I heard, by a Democrat.)

Paulson wants a “clean” bill. Translated, that means no limits on executive compensation, no slowing of mortgage foreclosures, no accountability.

You’ll be happy to know that this is not a sinkhole like the Bush/Iraq war, because he – Paulson – is going to buy bad debt that will later be sold to make money. How this magic trick would be accomplished, more specifically, how much money would be made, was not mentioned. Correction – the subjects of mechanisms and money to be made were deliberately, if crudely, avoided.

John Boehner repeated at least three times that this is a time to rise above partisanship. (Translated: this is a time to try to tightly wrap this crisis around the Democrats’ throats by blaming the current Congress.) He, too, wants to keep the bill before Congress “clean and simple” and not burdened with, to paraphrase what he said, the pet ideas of 535 congresspeople.

The Democrats I heard, notably Frank and Dodd, want to limit executive compensation, ensure accountability to elected officials, and want something called “reciproicity,” which seems to mean anything you want it to mean. The Republican Shelby agreed.

Everyone agreed we must act quickly to avert total catastrophe. (Except for Paulson, who was quite preoccupied constantly repeating that he was for “protecting the American people,” so he didn’t have time to mention the word “catastrophe” or respond to it.) Paulson also said, “This is something that has to work.” Exactly what was said about Bush/Iraq. George Will felt this crisis was bad for McCain.

And now you know what happened this Sunday.

My take on all this: They – the big They – are scared stiff – not for the collapse of the economy, of course, but that They, personally, will lose a lot of money. They even might have to give up a few of their uncounted mansions before this thing is over. They also have no idea how much more is coming down the pike.

The Republicans are also playing politics. They believed it is necessary, before actually addressing the crisis in real terms, to make sure they are carefully positioned as the “protectors of the American people” advocating a “clean” solution. Given the shared sense of imminent crisis requiring immediate action, the oversight, compensation limits, and “reciprocity” – whatever that is – put on this bill will be limited. In other words, Congress is about to hand the Bush administration the biggest blank check they have received to date.

And finally, I am confident that the American people will greatly benefit from this. Which American people? After 8 years of Bushism, you have to ask? Why, those who caused this crisis and who exploited this crisis, of course. They will slurp up the trillion dollars of our hard-earned money that’s gonna be served up on a silver platter faster than you can say “Americans are suckers if they vote Republican.”

Update from digby: I just have to add that when I heard Paulson say this bail out was actually going to make money for the government, I couldn’t help but remember Paul Wolfowitz assuring us that the Iraq war would pay for itself.

Trust ’em?