Not really. This is democratic capitalism at work. The American people have told their representatives that they don't support the buy-out, that they are not going to turn over $700b to the same politicians who caused this credit crisis. The economy is not going to implode. The insitutions that have bought all this toxic debt will find some way out or be bought out (e.g., WaMu, Wachovia). That's the way it should work.

As usual, the American public closes the barn door after the chickens have come home to roost. They weren't complaining much when home prices were soaring and they took out home "equity" loans to lead a lavish lifestyle they couldn't afford, were they?

And was anyone like, OMG, how are my kids going to afford a home with prices going through the roof and wages totally not keeping up? Where are the jobs going to come from to pay for all that, now that we've, like, shipped our entire manufacturing base to China?

No I don't think they were saying that when all this stuff was happening. Seems to me most of them were out there frantically loading up on debt to buy into a future so bright you'd need welding goggles just to look at it. Were any of them really wondering where that particular train was headed? Don't think so. All they cared about was not being left behind.

This is all so typical, do I even need to rant? Now the prudent get dragged down with the reckless, and the few rational souls who realize that this time around a bailout really IS necessary - well, their voices will be lost in the roar of hypocritical rage at a system that couldn't have been constructed, that couldn't have operated, and that couldn't have reached this extreme without the public's full and wildly enthusiastic participation.

So should we really blame Wall St. and the politicians for this? Do we blame a duck for quacking, or a dog for barking? All they did was follow their base impulses, which is exactly what the American public did. Greed, vanity, and monumental stupidity drove this market, and everyone went along with it.

This crisis won't be over until people stop pointing fingers and take a hard look in the mirror.

ebear