Thoughts from a Yellow Dog Democrat living in Olympia, in the great BLUE state of Washington

I am a liberal because it is the political philosophy of freedom and equality. And I am a progressive because it is the political path to a better future. And I am a Democrat because it is the political party that believes in freedom, equality and progress. -- Digby

Sunday, March 16, 2008

I'm NOT a Conspiracy NUT but . . .

But one would have to really believe strongly in lots of coincidences being completely unrelated to buy the crap happening today.

Rev Wright is critically important but Hagee irrelevant? We have to see Wright's sermons on an endless loop but none of Huckabee's were disclosed even though he stated he was running as the Christian President?

Journalist Greg Palast has made a compelling case tying the Spitzer investigation to a different top story.
While New York Governor Eliot Spitzer was paying an ‘escort’ $4,300 in a hotel room in Washington, just down the road, George Bush’s new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators.

Both acts were wanton, wicked and lewd. But there’s a BIG difference. The Governor was using his own checkbook. Bush’s man Bernanke was using ours.

This week, Bernanke’s Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks’ mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure.

Up until Wednesday, there was one single, lonely politician who stood in the way of this creepy little assignation at the bankers’ bordello: Eliot Spitzer.

Who are they kidding? Spitzer’s lynching and the bankers’ enriching are intimately tied.

How? Follow the money.

The whole Bear Stearns bail out is outrageous when you consider how horrified these ‘free market’ proponents are at the thought of say, socialized medicine, but barely bat an eye at socialized banking. No telling what kind of bonuses will be handed out to Bear Stearns executives in light of this massive failure of management but you know it will be minimum 7 figures.

UPDATE 3-18-08
Glenn Greenwald expresses a similar sentiment but, of course, in a MUCH more articulate way.

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