Super Rush Limbaugh Saving America

While President Obama does everything he thinks will prevent the American financial system, as well as the automobile industry, from falling apart, Rush Limbaugh tries to save us by telling America that Obama and the Democrats are going to ruin the country. According to Rush, his ear shattering and mind bending voice is all that stands between us and doom. Like the Minutemen of yore, who shouted the British are coming, Rush Limbaugh keeps shouting socialism is coming. If he keeps shouting long enough there's no doubt he'll be right.

Rush keeps reminding us that the American way of life and everything it stands for is going over the cliff in a sea of Democratic Socialism. The word liberalism has long since been abandoned and Rush has cut to the heart of the matter. Rush's vast experience in implementing legislation in economic crises marks him as a single person to lead us out of the economic wilderness. Like Moses before him, Rush only has tap his staff are on the rock and credit will be gushing forth. If he raises his hands to the heavens, AAA bonds and preferred stocks will rain upon the people until they are buried with the paper.

After decades of advising men such as Paul Volker and Alan Greenspan, Rush is in the best possible position to know what monetary policies to implement. After inking a $400 million contract for himself, it should be no problem for Roche to come up with several trillion dollars for the rest of America. Wait a minute. That's not the American way. Americans don't accept handouts and give-outs, Americans do it on their own, without any help from anyone else. Haven't you ever seen a John Wayne movie before? But Rush is there for us. No job? No problem. Rush will help you out. No money? No problem. The Rush will help you out. No hope? No problem. Rush will help you out. No OxyContin? Oops! Wrong subject.

Look! Up in the sky! It's a Bird! It's Superman! No! It's Super Rush Limbaugh flying high forever.

Greenspan Shocks America

Today, in testimony before Congress, former chairman of the Federal Reserve Alan Greenspan said that he was "shocked" at the breakdown in U.S. credit markets and said he was "partially" wrong to resist regulation of some securities. Economists and others who had been predicting the current credit debacle were even more shocked that Greenspan said he was shocked. They were wondering what he thought would happen when he kept interest rates at 1% for so long.

Greenspan provided even more shocking testimony when he said, "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity -- myself especially -- are in a state of shocked disbelief." It's hard to imagine that someone with his knowledge of history of the way economic markets work could even be mildly surprised that lending institutions failed to protect shareholders equity. Perhaps he had forgotten about the savings-and-loan debacle of the late 1980s and early 1990s. This resulted in the failure of 2412 savings and loan associations. The ultimate cost of the crisis is estimated to have totaled around $560.1 billion, about $324.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer.

The type of delusional thinking that Greenspan was engaging in was recently termed "market fundamentalism" by George Soros the famed investor and someone who could've provided better guidance for the supervision of the financial institutions than those who were actually in charge. Mr. Soros recently provided a stinging denouncement of the notion that financial and credit markets could be self-monitoring. When children play with money some grown-ups need to monitor them.

If only Greenspan had seen the movie "Wall Street" and heard the character of Gordon Gecko utter the famous words, "Greed is good." What did Greenspan think was going to happen in an environment where executives of financial institutions were rewarded tens of millions of dollars for their successes and had no penalties for their failures? This country needs people in charge of the Federal Reserve and Secretary of the Treasury who have a knowledge of the way people really are in addition to their credentials in finance and economics.