July 18, 2008

Beyond The Blame Game

By Christopher Chantrill
In politics the game always goes to the politician who can stick the blame on the other guy.  Sometimes, like New York Senator Charles Schumer, you can even nudge a bank into receivership.  Loose lips sink ships, Senator!When things go wrong for the Ins the Outs make hay deploring the "mistakes" of the Ins.  Then the Outs get in and the game starts all over again.Right now we are in the middle of a perfect storm of "mistakes."  There's the mortgage meltdown, the food crisis, the gasoline price spike, the IndyMac bank failure, Obama's flip-flops, and the granddaddy of them all, the prospect of a $5 trillion meltdown at mortgage giants Fannie Mae and Freddie Mac. Oh, and there's Bush's war in Iraq.  Who's to blame for all this?The answer is that it all happened on Bush's watch, so it's his fault and the fault of the Republicans in Congress.But wait!  It's not Republicans who have been delaying on reform of the mortgage giants; it's not...(Read Full Article)