Will Sub-prime Mortgage Crisis Be A Financial Katrina?

ColbertWatcher

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Tue Apr-01-08 12:19 PM
Original message

Will Sub-prime Mortgage Crisis Be A Financial Katrina?

I don't trust that the GOP will do what's right in this situation.

I fear not only will they wait too long before doing something, but that they will also do the absolute wrong thing in reaction.

I have been reading Naomi Klein's http://search.barnesandnoble.com/Shock-Doctrine/Naomi-Klein/e/9780805079838/?itm=1">Shock Doctrine and it's got me thinking that these guys just might use the sub-prime mess to further their agenda at our expense.

I remember how they "fixed" the bankruptcy laws to to give corporations more rights that were taken away from citizens.

Now I worry they're gonna do it again with some late-night, secret change to a bipartisan bill that they'll call the Help America Buy Homes Act or some stupid thing.

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David__77

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Tue Apr-01-08 12:28 PM
Response to Original message

1. This was a short terms means of fueling "economic growth."

It was Keynesian economics at its finest, actually, which is paradoxical given the political orientations of the credit bubble's architects. Now, however, there is a consequence.

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ColbertWatcher

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Tue Apr-01-08 12:33 PM
Response to Reply #1

2. Well, FEMA was designed to be helpful, too...

...but I guess anything can fail in the wrong (GOP) hands.

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Johonny

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Tue Apr-01-08 12:34 PM
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3. I agree

It was only 3 months ago Bush was explaining the economy was strong. Suddenly out of the blue a 218 page proposal appears! Isn't this the patriot act all over again? Republicans use crisis to push their broken agenda.

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ColbertWatcher

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Tue Apr-01-08 12:36 PM
Response to Reply #3

4. Exactly.

But I compared it to Katrina, because lots of people are going to be hurt by this.

Not that the Patriot Act didn't harm anyone, but the hurt from this mortgage mess will be visible, just like it was with Katrina.

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grasswire

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Tue Apr-01-08 12:46 PM
Response to Original message

5. disaster capitalism

out of chaos comes opportunity. For them.

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