All Aboard the U.S.S. Titanic -- Another True Story
I have just read one of the most interesting articles discussing the historic Mother of All Bailouts being worked out in Capitol Hill in Washington, D.C. at this very moment by the Bush Administration and the Democrats and Republicans in the U.S. Congress and Senate . In the article, the author compared the present U.S. economic and financial situation to the maiden voyage of the U.S.S. Titanic. Everyone has seen the movie so they can relate to the story.
President Bush's U.S.S. Titanic, the unsinkable ship that is about to hit an unbreakable iceburg . . . Wham!
In the story the captain (Alan Greenspan) has been handed the greatest ship (United States) ever made. It is unsinkable. The initial voyage across the Atlantic Ocean has drawn the rich elite ruling class (financers & bankers) onboard. But, the lower decks are filled with lowly peasants (Working Class) who are sneered at by those in the upper decks. A maiden voyage should always be taken slowly. A prudent captain would not take undue risks. Our captain (Alan Greenspan) wants to make his mark on history. He declares full steam ahead (reducing interest rates to 1%). Midway through the voyage, the captain is handed a telegram warning of icebergs (potential financial catastrophe) ahead. If he slows down the ship, he will not set the speed record. He ignores the warning and steams on to his rendezvous (eternal disgrace) with history.
In the middle of the night, the lookouts (Ron Paul, among others) scream iceberg!!! But, it is too late. The great ship (United States) has struck an enormous iceberg (banking crisis). At first, it seemed like everything is OK. There are no visible problems. But, below the waterline the great ship (United States) is taking on water (massive mortgage write downs). The engine room (Federal Reserve printing presses) works frantically to stem the damage. The captain believes that the compartmentalization of the ship will save it. The expert on the design of the ship (Nouriel Roubini) explains that the ship will surely sink. The captain orders the band (Hank Paulson) on deck to distract the masses from their imminent fate. The owners of the ship (U.S. government) never thought it could sink, so they didn’t provide nearly enough lifeboats.
To avoid mass panic, the crew (government bureaucrats) has locked the lowly peasants (Working Class) below deck. They will surely go down with the ship. But, here is where our story starts to deviate. The band (Hank Paulson) decides that the women and children (Middle Class) should not be saved first. The ruling elite (financers and bankers) are piling into the boats to escape their fate. The captain (Alan Greenspan) does not go down with the ship. In a cowardly act, he leaped onto the 1st lifeboat to be launched. So, this is where we stand today. The great ship (United States) is sinking. Should we let the band (Hank Paulson) dictate those who get onto the lifeboats first? If we do, we will all face the fate of Jack as he slowly freezes to death in the icy Atlantic.
To read the full article, please visit:
I can assure you that it is interesting to read the discussions contained therin and that your time will not be wasted reading what the author has to say about the so-called Bailout Plan hatched by Bush, Paulson, Bernanke and Partners in Washington, D.C.
-- Dalmasian
¾ÔÁ¾ì˹éÒ¹Õé