Friday, September 19, 2008

Unthinkably stupid. Part 2.

I'm honestly not trying to be this lazy, but back in March, I wrote this:

Look, I know a little something about doing stupid things. I had Clemson taking out Kansas and then losing to Georgetown in my NCAA tournament bracket. I spent a solid amount of time with dcjonesy, Lsouth and others this past week rating 80s songs from one to ten based on how well you can pump your first and stomp your foot to them. Several weekends ago when I went out into Adams Morgan wearing a DC United flag as a cape. I bet 25 dollars on the redskins winning the super bowl last year at 50-1 odds. All of that stuff happened within the last couple months, and I haven't even started with the stories that involve my lime blazer. So I think we've established that I know stupid when I see it.

And so I mean it when I say that this is possibly one of the dumbest ideas I have ever heard. (Or a least to emerge in this election cycle):

[Hillary] Clinton also called on President Bush to appoint "an emergency working group on foreclosures" to recommend new ways to confront housing finance troubles. She said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.
It's hard fight through the rage enough to form complete sentences after you reads something like that, but Economist Dean Baker does a pretty good job in his post titled "Senator Clinton Calls for Barry Bonds and Roger Clemons to Head Commission on Steroid Abuse":
Actually Senator Clinton's proposal was far more ridiculous. She suggested having former Federal Reserve Board chairman Alan Greenspan and former Treasury Secretary and current Citigroup honcho Robert Rubin lead a commission (along with former Federal Reserve Board chairman Paul Volcker) to analyze the country's current economic crisis.

There is certainly no one more directly responsible for the current crisis than Alan Greenspan, who allowed the housing bubble to grow unchecked for almost a decade. Also, as the country's preeminent bank regulator, he looked the other as the predatory mortgage market exploded.

While Greenspan is undoubtedly villain #1 in the housing bubble story, Robert Rubin has claim to #2 status in his post near the helm of Citigroup. Citigroup provided the secondary market for many of these predatory mortgages with its creative financial engineering and structured investment vehicles.








MIAMI - Barack Obama turned to a team of advisers that shaped America's economy in happier days to fashion fresh ideas for calming the stomach-churning financial crisis that has thundered from Wall Street to Main Street.

Some of the most respected names in the business world were pitching in Friday, including billionaire investor Warren Buffett, former Federal Reserve Chairman Paul Volcker, former Treasury secretaries Robert Rubin, Lawrence Summers and Paul O'Neill and Laura Tyson, former head of the Council of Economic Advisers under President Clinton.

"In the coming days, I'll work closely to examine the details of the Treasury and Fed proposals and as I do, I'll work to ensure that it provides an effective emergency response," said Obama. While laying blame for the crisis at the feet of Republicans, Obama said he would steer away from partisanship.

"I think it's critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, that leaders in both parties work in concert to solve the problems at hand," said Obama.

What a fucking joke.

And I'm sure glad that partisan wrangling won't interfere with his ability to bring in both republicans and corporate shills.

Alan Greenspan must be waiting by the phone in tears.

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