“I Don’t Know Much About Bailouts, But I Know What I Like…” September 27, 2008
Posted by bensix in Uncategorized.trackback
Thus spake Gordon Brown, an idiot and an arse…
“…we contemplated on the financial issues that are being raised in every country of the world by what’s happening because of financial turbulence on the markets.
America and Britain have always stood together as one in times of difficulty and challenge. And I said to President Bush this afternoon that facing this global turbulence, Britain supports the financial plan. And whatever the details of it, it’s the right thing to do to take us through these difficult circumstances.”
According to Gordon, then, the deal is right regardless of what it states, and sod the economists, politicians and commentators that disagree.
Could it be he accepts the broad aim of the proposals and believes that, possibly due to the perceived urgency of the situation, all else is irrelevant? Well, that would be absurdly naive:
“Neither the mission of the new agency nor its oversight are clear. If taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.”
I suspect that he doesn’t even believe that, but accepts the plan because it’s a plan. That’s dribble-inducingly stupid, of course. If one needed to buy a car then one wouldn’t accept the first deal simply because it offered a car.
Lurid sycophancy is the most generous inference that one can draw from such a statement.
The implication of the argument that “Congess has to accept this bail-out immediately because the consequences of not doing so would be cataclysmic” is that western capitalism as we know it is in very deep doo-doo indeed, though not many people seem to be saying that.
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