(2008-09-24) — The foundation of the U.S. economy could crumble, President George Bush said today, if Congress fails to approve a U.S. Treasury plan to take over foundering financial firms, a proposal which the president called “a much-needed 21st-century civil rights act for stupid people.”
“To sustain this shining city on a hill,” Mr. Bush said, “we need to rescue the ignorant, irresponsible folks — from Wall Street to Capitol Hill to Main Street — who got us to where we are today. We must guarantee that no American suffers the soft bigotry of being forced to live with the consequences of his bad decisions.”
The president, in remarks to the news media clearly aimed at reluctant Republicans in Congress, said, “Our financial system rests on a foundation of huge banks, brokerage houses and quasi-governmental agencies that followed Washington’s lead by gambling on long-shot, poorly-collateralized investments. Now this glorious way of life is threatened, and we must act to preserve it.”
“We need to guarantee that the structures, systems, people and products that got us to this point won’t be tossed on the ash heap of history,” said Mr. Bush. “If these giant companies fail, then America will be left with nothing but thousands of small to mid-sized financial firms that made prudent investment decisions during the past 15 years.”
The president added that, “Americans value the liberty they have to buy homes they can’t afford, to invest in securities backed by nothing but hope, and to draw six- and seven-figure salaries based on the courage to risk taxpayer dollars on deals that even the dealmakers don’t understand.”
“It is a moral imperative that we guard the civil rights of these idiots,” he said. “If we fail, then we face the specter of free market capitalism run amok, and millions of Americans will feel the painful lash of personal responsibility across their backs.”
52 responses so far ↓
1 mindknumbed kid // Sep 24, 2008 at 11:01 am
This would be like the blind helping the blind, except you just substitute the word stupid for blind.
2 beekabok2 // Sep 24, 2008 at 11:19 am
While I don’t disagree with most all of this, I do feel that in some cases, the consumer was duped and really had no idea what they were getting into. Granted, they should have researched the ramifications of taking on sub-prime loans that seemed “to good to be true”. My advise to anyone that may care to hear it is to never take on a loan that is variable rate and you will know what your payments will be for the term of the loan.
LOL - the “secret words” that I just typed to submit this comment were……………..I kid you not…………….”urgent loans”
Ironic, don’t you think?
3 Mack // Sep 24, 2008 at 11:21 am
If I failed to pay my mortgage I would be forced out of the house by the bank. They would sell it for what ever they could get out of it as quickly as they could and I would be an after thought. Because I am responsible for my own actions. A mortgage is a legal and binding contract which I agree to pay in exchange for owning my house.
The same goes for my car, my truck or any other item I buy on credit. Now I posted yesterday that ACORN, an organization near and dear to the heart of B Hussein Obama is demonstrating in front of the Federal Reserve Building because this bail out doesn’t allow them to stay in and take ownership of the houses they signed legal and binding agreements for. They defaulted. They didn’t hold up their end of the bargain. Like usual libtards want everyone else to pay their way.
I made a call to DC yesterday and asked my senator why we should. His office has not gotten back to me yet. I wont lose my house, car, truck, or other stuff, I work 60 hours a week and pay my bills for the privilege of home ownership. I don’t stand on the street corner in front of federal buildings protesting.
4 Mack // Sep 24, 2008 at 11:25 am
http://www.msnbc.msn.com/id/26841602/
In the above link they rage about how people are mad about Wall Street. The picture shows an ACORN protestor outside the Federal Reserve building but fails to mention Obama’s links to that organization.
5 RepublicanAttackMachine // Sep 24, 2008 at 11:42 am
I partially agree with Scott. I would like to add that, there is a GREAT DEAL of thanks that must also go to our first “Peanut President”, (or to be pithy, our first “nutty Prez”), Jimmy Carter in 1977, and LBJ’s “so-called Great Society” where no one can be denied credit, so that EVERYBODY is equal!
That notion is fine, AS LONG AS. EVERYBODY also feels the MORAL CLARITY to PAY FOR what they have bought, otherwise they are STEALING!
Now, the government says, “WE, the TAXPAYERS must end up being the “victim” of the theft!
My thanks to ALL politicians, BOTH SIDES OF THE AISLE!!!
6 boberinyetagain // Sep 24, 2008 at 11:59 am
I’ve never been so stunned as I am by the notion of a bail out for this. Perhaps (only perhaps) we should allow folks with stupid mortgages to refininace at a lower interest rate. That would cost less and actually get money for the banks that they would otherwise “lose” and let people stay in their homes/remain productive.
Where would this money come from exactly? Last I checked the USA was a tad overdrawn themselves.
Idiotic…
7 Just Ranting // Sep 24, 2008 at 12:02 pm
Why hasn’t there been a call for Barney Frank to not only relinquish is oversight chairmanship, but to resign from the Senate? His lack of oversight and action should be viewed as criminal.
We expect our leaders in Washington to perform their oversight duties vigorously. Barney Frank and his cohorts in Washington are responsible for every person in this country owing the government an additional $2,300 to clean up this fiasco. People are refinancing their homes and incurring more debt just to meet day to day expenses.
Unemployment was at 4.5% in PA when they took over. It now exceeds 6% with indications it will continue to rise. Congressional inaction is responsible for gas prices nearly doubling in the last two years. This may be intentional on their part. People are so disgusted they’re ready to storm the Capitol, but they can’t afford the gas get there.
8 mindknumbed kid // Sep 24, 2008 at 12:11 pm
Why not just reopen the bank in the House of Representatives and then allow average citizens to open “accounts” there? That should satisfy everybody’s needs…
9 mindknumbed kid // Sep 24, 2008 at 12:17 pm
Financial responsibility. Very much needed today. Before we listen to anyone from Washington D.C. lecture us on it, perhaps they should first set the example.
We are but poor ignorant sheep that follow the example set by our leaders….
Unfortunately, we cannot operate continually in the RED!
10 Ms RightWing, Ink // Sep 24, 2008 at 12:36 pm
Talk about stupid. Hmm, that reminds me I live in a 90% liberal Democratic city and tomorrow will be a day to prove how nuts the locals are.
Carol King will be in town tomorrow afternoon at 1:30 to cheer on the Big O. I will be there, guaranteed to root on Palin. Sorry to say I have no bumper stickers or posters to hold up, but I will make myself known in the midst of idjets.
I may get the snot beat out of me, but I am doing this for the country I love. Some of you may recount my meeting with the rabid liberal last Friday. She was ready to tear my hair out. Tomorrow will be hundreds of these crazed Big O followers.
The last time I protested against a candidate is when George Wallace came to Akron when he was running for president. Ironicly I hated him because he was a racist. Now I have to protest against a 50/50 black man/white man.
Which brings up to points-is Carole King on Geritol. She is older than me. And is The Big O white or black. He claims to be black, but he is just as much white according to recent DNA
11 beekabok2 // Sep 24, 2008 at 12:38 pm
Re: #6 - That just might work! Don’t count on it though. Makes too much cents (pun intended) to ever pass in congress.
12 mig // Sep 24, 2008 at 12:50 pm
I have a candidate for stupid: Julie Chen. She is mocking Palin and her fast track of the UN ( who could possibly spend anymore time there - yuck!) She is calling it the Education of Sarah Palin. Julie Chen should be so green, and I mean envy green. Atleast Palin knows where the Hawaiian Islands are in the Pacific!
13 mig // Sep 24, 2008 at 12:54 pm
Re-reading my post I can see I need more coffee. My eyes are so dry from all this wind we are having the last few days. So I apoligize for the last sentence not being correct but the sentiment remains.
And I’ll repost what I posted earlier on the last post:
The other thing that must be noted is that all these insolvent lenders contributed huge sums as campaign contributions to Congressional Representatives in both parties but most notabley huge sums given to Democrates and in the top five reciepients are Chris Dodd, D-Conn., chairman of the Banking Committee. He has not been dismissed or asked to step down. The fox is still the keeper of the hen house.
It begs the question, what ever happened to Tom Delay? Wasn’t he run out of DC on the back of an ass for playing golf in Scotland? Yet, Chris Dodd sits as the head of the Banking Committee staring blankly into the TV screen and mumbles. If he is incapable of keeping this particular house of cards from being built let alone from falling apart, why the hell is he still the Chairman of the Banking Committee?
14 mig // Sep 24, 2008 at 12:56 pm
”Life’s tough…..it’s even tougher if you’re stupid.”
- John Wayne
15 boberinyetagain // Sep 24, 2008 at 1:00 pm
BEEK, RE: #11/#6
The simple solutions are often overlooked and even if they are discovered there’s someone there to say “that’s too easy, it’ll never work” but, work it would and as I say, at far less of a cost, far greater a benefit than the current plan of helping the morons that really got us into this.
16 Shelly // Sep 24, 2008 at 1:45 pm
Once again, thank you Democrats for your handling of Fannie Mae and Freddie Mac. Can these people do anything right? Or take responsibility for a single one of their messes?
On another note, go to Catholicvote.com and watch the ad. It is really moving. (And I’m a Protestant.)
beekabok, my words are “blames doubt”
17 Mack // Sep 24, 2008 at 3:08 pm
Barney Frank is a congressman.
18 gafisher // Sep 24, 2008 at 3:33 pm
“Barney Frank is a congressman.”
He’s also a Democrat. Neither excuses his stupidity.
19 MajorDomo // Sep 24, 2008 at 3:54 pm
Mig #13: “.. why the …. is he still the Chairman of the Banking Committee?”
‘Cuz the party with the majority of members gets to name the chairmen. You cannot vote on any of them unless one of them happens to be your senator or rep. However, you CAN still do your part to shift the balance of power by voting OUT Democrats on your ballot.
20 DrivebyMeteor // Sep 24, 2008 at 5:22 pm
@#18 - Excuse? No. Explain? Yes!
21 DrivebyMeteor // Sep 24, 2008 at 5:26 pm
“I see dumb people . . . “
22 Maggie // Sep 24, 2008 at 6:50 pm
Shelly….re #16…No, because
Democrats are “Stuck on Stupid”.
23 Maggie // Sep 24, 2008 at 6:55 pm
Shelly re# 16
No because Dims are still “Stuck on Stupid”.
24 Maggie // Sep 24, 2008 at 6:57 pm
Apparently,I am too…… “rats”
25 camojack // Sep 24, 2008 at 7:34 pm
Hmmm…where does it end? Where do we draw the line?
26 JamesonLewis3rd // Sep 24, 2008 at 7:53 pm
Unfortunately, “we” don’t get to draw the line these days—”we” naively hired and rehired a bunch of morally bankrupt charlatans to do it for us and, now, they’ve all gone “rogue” on us.
Fire them all now. Fill the place with 500+ NEW FACES. ASAP
27 Fred Sinclair // Sep 24, 2008 at 8:05 pm
Hello Scott - Great piece today - “Bush: Congress Must Act to Save Stupid People” Perhaps I’m missing something (I often do) but I thought ScrappleFace was supposed to be at least somewhat about Satire.
Actually I’ll be looking for James Taranto’s comments in tomorrows Opinion Page in The Wall Street Journal.
“Stupid” caused me to recall a post of mine several months ago that seems germane to the topic.
Stupid is as stupid does. It’s not an unforgivable sin however - some people have been known to recover.
God only holds one (1) sin as being “Unforgivable†that being the sin of dying, having rejected the nudging of His Holy Spirit (Holy Ghost) to accept the sacrifice of His Son as payment for sin.
Since I’m obviously neither God nor Senator Barack Hussein Obama; the latter of the two which holds that the only unforgivable sin is failure to vote for him, I’m aware that stupid can get you dead. Stupid can sometimes get you real dead, real quick. Stupid causes you to drink and drive. Stupid can cause you to get STD’s.
Stupid, however, will never cause you to vote liberal. (that action is due to a genetic defect causing mental derangement). No, Reagan said rightly “Liberals aren’t stupid, it’s just that they know so much that isn’t so.â€
(1&2) Abortion and homosexuality are contra-survival and therefore stupid. (3) Raising taxes is stupid with a 100% failure rate. It’s the death knell to any economy. (4) Not having hard, enforceable borders is stupid, it’s how a non-country is created. (5) Entitlement programs are stupid, being financed with other people’s money. (6) A small, weak military is stupid and anyone who has to ask why? is stupid. (7) Allowing the cancer of liberalism to continue on it’s deadly course, unchecked, Is stupid. (8) Failure to excise the cancerous tumor of liberalism bwo the ballot is very, very, very stupid.
I can overlook most anything except stupid. We will learn on Nov. 4th just how stupid almost half of American voters really are. I am persuaded that since (I believe) God has introduced Sarah into the equation, perhaps He has decided to continue blessing America with His mercy, rather than condemning us with His judgement.
Voting for liberals, socialists, communists or fascists is stupid, even though they, themselves mostly aren’t stupid: just deranged (disarranged mentally).
B.O. STINKS
28 Darthmeister // Sep 24, 2008 at 8:23 pm
“Congress must act to save stupid people”?
How can Congress act to save itself?
CNN: Obama, Biden rescued “bridge to nowhere” … twice!
Bet that won’t get big play in the lamestream media.
29 Darthmeister // Sep 24, 2008 at 8:37 pm
New York Times … 2003:
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. …
The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session. …
”The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,” Mr. Oxley said at the hearing. ”We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,” the independent agency that now regulates the companies. …
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Barney Frank ought to be hanged … and the rest of the Donks who had their hand in the pot and were guarding the hen house.
Oh, and the mentally-challenged Obama worshippers out there still think this financial market meltdown is the Republicans’ fault. Figures, given how blinded by partisan hatred they are. Can’t even see that it’s their own party which gave us $4.00/gal. gas, shrinking retirement eggs, an empty suit candidate that wants to “change” America into a velvet gulag, and the threat of a possible world-wide depression. Thanks libs.
30 JamesonLewis3rd // Sep 24, 2008 at 8:38 pm
Would it not be cool if (unannounced) Senator John Sidney McCain III sent Governor Sarah Palin to MS in his stead?
The cranium-bits clean-up operation could be extensive or it could be a Monty Pythonesque skit.
31 PsychoPhil - Beer is History // Sep 24, 2008 at 10:02 pm
[...] Bush: Congress Must Act to Save Stupid People “To sustain this shining city on a hill,†Mr. Bush said, “we need to rescue the ignorant, irresponsible folks — from Wall Street to Capitol Hill to Main Street — who got us to where we are today. We must guarantee that no American suffers the soft bigotry of being forced to live with the consequences of his bad decisions.†(tags: politics idiocy) [...]
32 everthink // Sep 24, 2008 at 10:31 pm
“Would it not be cool if (unannounced) Senator John Sidney McCain III sent Governor Sarah Palin to MS in his stead?”
It certainly would Stanley!
Either one will be fine, or even both at the same time. In fact, you could let them both huddle with their advisers before answering each question if you like, but the outcome will be the same!
As in basketball, it will be three pointer after three pointer by Barry. While McDuffy’s only skill will be dribbling.
But, don’t forget to bring your Moose Caller and some lipstick for your pig
No, you can’t operate the scoreboard this time!
ET
33 gafisher // Sep 24, 2008 at 10:48 pm
The problem, which originates in the Community Reinvestment Act signed over 30 years ago (guess who signed it — a peanut to the winner) and made even more egregious by the Clinton Administration, is far, far more complex than a simple case of “stupid” home buyers overextending themselves. As the house of cards collapses, the effects will be felt much farther than most of us can imagine. Like Scylla and Charybdis, bailout and abandonment are both treacherous. We cannot reward the corruption of thirty years, but it could take twice that long for the free market to straighten out a problem which developed entirely outside its boundaries.
34 Jules Crittenden » Dire Circumstances // Sep 24, 2008 at 10:56 pm
[...] in the Bush speech, prefers Scott Ott’s important reporting report on Bush’s “much-needed 21st-century civil rights act for stupid people.” Hard to argue with this kind of presidential logic: “To sustain this shining city on a [...]
35 gafisher // Sep 24, 2008 at 11:10 pm
JL3 Re#30, Governor Palin would make moosemeat of Um-uh-buh-muh before he could get to the quotable part of his first answer, but if the Prince of Grove Parc Plaza has any sense he’ll realize Sarah’s not the biggest embarrassment he’ll be facing as the corrupt mortgage system that supported him is examined on Capitol Hill.
36 gafisher // Sep 24, 2008 at 11:15 pm
There’s a pretty good analysis [here].
37 RedRum151 // Sep 25, 2008 at 2:14 am
I can’t imagine why people are not enthusiastic about this bailout plan!
How can we doubt that nice Henry Paulson when he tells us, “I’m from your government, and I’m here to help you!”
We oughta be *eager* to pony up a measly 700 billion! A small price to pay if it means we can go back to “business as usual”!
I guess Phil Gramm had it right ; we’ve just degenerated into a nation of whiners. Oh, well.
38 Fred Sinclair // Sep 25, 2008 at 4:31 am
The only reason I’m following this mortgage mess is to see (this close to the elections) who and how many Democrats (in the words of Rush Limbaugh) are handcuffed and ‘frog-marched’ off to prison.
Right now it is a matter of the mice trying, in desperation, to get a bill passed that will get themselves put back in charge as Security Guards at the Cheese Factory while ‘Uncle Sugar’ replenishes the stolen cheese.
It appears that no Republicans are involved in the mess because if there had been even one, the Democrats in collusion with the muckraking MSM would already have his/her name in neon lights across the side of the Goodyear Blimp!
They’re trying, oh-boy are they trying, but while leaving no stone unturned they have yet to unearth a viable ‘patsy’ they can lay the blame at his/her feet.
The stench of Democrat all over this mess is somewhat akin to a package of Limburger Cheese surreptitiously taped to the heat manifold of a cars engine. (it will ‘total’ the car).
Handcuffs and ‘frog-marched’? anyone want to bet that these slimy, ‘inside the beltway’ politicians manage somehow to slick their way out of this boondoggle?
Handcuffs and ‘frog-marched’? I’d follow the money. Since Raines and Obama have scored so much financially, it would be appropriate justice to start with them. Unless this is going to become another William (cash in the freezer) Jefferson affair???
B.O. STINKS
39 Fred Sinclair // Sep 25, 2008 at 5:09 am
Chief Justice John Marshall wrote to Jasper Adams, May 9, 1833: “The American population is entirely Christian, and with us Christianity and Religion are identified.”
IN GOD WE TRUST
40 Shelly // Sep 25, 2008 at 10:16 am
Anyone else mesmerized by that great “new” leadership style of The One: “They can call me if they need me.” Talk about taking command of the issue!
41 Sometimes Political Humor Starts With Crisis, Ends with History | Political Humor by Radioactive Liberty // Sep 25, 2008 at 10:24 am
[...] The Secretary of the Treasury has an important message for the American people. * Bush: Congress Must Act to Save Stupid People * McCain to suspend campaign Similar Posts ‘Truck Nutz’ Ban is [...]
42 Ms RightWing, Ink // Sep 25, 2008 at 10:35 am
Re:10
I said yesterday I was going to go into the belly of hell. It is nearly time to leave. What will happen I have no idea but like I said to a friend, “I am now old enough to say truthfully, give me liberty or give me death.”
Can we all say that? Stand up against the rage!
43 Ms RightWing, Ink // Sep 25, 2008 at 12:22 pm
*?*
44 gafisher // Sep 25, 2008 at 12:45 pm
“… that great “new†leadership style of The One: ‘They can call me if they need me.’”
He’s sent Joe Biden as our Comforter.
(Frankly, the farther Barry stays from Washington the safer I feel. I’d rather he vote “Absent” than his usual “Present.”)
45 Fred Sinclair // Sep 25, 2008 at 12:46 pm
Watching Rush’s podcast just now - it is McCain that was called back to D.C. to help work on the sub-prime scandal.
B.O. was not called.
B.O.’s comment: Call me if you need me.”
Watching, I thought Rush was going to bust a seam on his EIB shirt, he was laughing so hard
B.O. STINKS
46 Deerslayer // Sep 25, 2008 at 1:10 pm
To quote B.O. ” That level of decision is above my pay grade”.
47 09-25-08 | Drive Time Happy Hour // Sep 25, 2008 at 1:50 pm
[...] Scott Ott: “To sustain this shining city on a hill,†Mr. Bush said, “we need to rescue the ignorant, irresponsible folks — from Wall Street to Capitol Hill to Main Street — who got us to where we are today. We must guarantee that no American suffers the soft bigotry of being forced to live with the consequences of his bad decisions.†[...]
48 Bush: Congress Must Act to Save bStupid/b People // Sep 26, 2008 at 8:03 am
[...] Scott Ott wrote an interesting post today onHere’s a quick excerptb…/b President George Bush said today, if Congress fails to approve a US Treasury plan to take over foundering financial firms, a proposal which the president called “a much-needed 21st-century civil rights act for bstupid/b people.†b…/b [...]
49 dispatches from TJICistan » Blog Archive » more on the bailout // Sep 26, 2008 at 9:05 am
[...] http://www.scrappleface.com/?p=3120 [...]
50 questioning the answers // Sep 26, 2008 at 8:41 pm
Here’s your sign!
51 Grogg // Sep 28, 2008 at 2:31 pm
Let’s face it - there is a very real chance that we Rubs may lose this election - so it makes sense to tie up the GDP for the next 4 yours so the Dems do get a chance to waste it on the poor - sick - stupid people they fawn over.
It’s like putting money in a piggy bank - we’re just getting the dummies to vote to put the money somewhere safe and will be returned as political donations.
Everyone wins:
The banks get a windfall (the political donations will be a tax write-off) so we all avoid tax.
We - get the funding we need to balance the Dems ability to get good TV cover.
The Stupids win - because they won’t need to do anything - they can just roll over like they always do.
Vote to make the Bail-Out a Bale-Out.
Grogg
52 Trendbreuk in dagbladwereld baart opzien | Crossmedia Impact // Sep 30, 2008 at 5:06 pm
[...] VAN TUIL - Hoewel we financieel-economisch allemaal naar de knoppen gaan (als we Bush en de Economen mogen geloven); banken en bedrijven bij bosjes ten onder gaan, is er toch nog één [...]
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