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[Clansgian AT wmconnect.com]

> >No, sir, outrage is pathetic; the right word is responsibility. You  
> have had access to vast economic information that you either ignored  
> or misread.
> 

This present is a credible example of what the Bush-bashers have been talking 
about.  Bernanke is a joke, a bad joke but at least he has a funny punch 
line.  He did his doctoral on the Great Depression and tauted himself as 
being an 
expert on it.  Turns out he is, an expert at creating another one!   And 
Paulson as Treasury Sec has produced just the results that people warned it 
would.

Paulson's outrage IS pathetic.  But the administration couild not have pulled 
off this debacle without two essential accomplices, one major and one minor 
1) [the minor one] The Dem controlled congress   2) [the major one] All the 
people in the real estate game who acted as agents and cheerleaders while 
they 
plotted to make money despite the clear logic and facts against the scheme.  

Here is what the uber-incompetent Bernanke had to say in March of 2007:

"The impact on the broader economy and financial markets of the problems in 
the subprime markets seems likely to be contained"

As stupid as this seems in retrospect (although those relying on logic, 
figures, and history saw that it was stupid at the time) it pales in 
stupidity to 
what I heard from real estate cheerleaders at the time.

There are some six ongoing conversations face to face or else on blogs or 
mail lists that began four or five years ago when housing was booming.  
Bubble??  
(Said they) Don't make me laugh!    Why that's not even worth wasting time 
talking about!  Ho, hum, so boring.  I prefer to talk about cheery things 
rather 
than all this gloom and doom.

Like Bernanke and Paulson, these same six people (and countless others like 
them) are now looking around themselves and saying, "Wow, look at this mess, 
who coulda seen this coming!?" and they begin to point their fingers at Bush 
and 
his appointees.

A couple of years ago it was "Bubble?  Ho, hum, how boring..."  And now that 
bubble bids fair to change the course of history.

The outrage of these people is PATHETIC.  It was they who caused the bubble 
and the current state of affairs.  Bush and Congress were the occasion, not 
thecause.  It was they themselves who caused it.   </HTML>