GIVE ME YOUR HAND

I was reading the story titled Chief Says Fed Is Ready to Act on Credit Pinch in The New York Times today. Here's the first sentence ...

Ben S. Bernanke, the chairman of the Federal Reserve Board, declared on Friday that the central bank "stands ready to take additional actions as needed" to prevent the chaos in mortgage markets from derailing the broader economy.

Reading a little further, Bush states that he may provide some assistance to those who are going to lose their home to creditors, but he caveated it with this ...

"It’s not the government’s job to bail out speculators," Mr. Bush said, "or those who made the decision to buy a home they knew they could never afford."

Right. Forget the shady creditors that were dishonest and sold loans to people they knew couldn't afford them; it's those damn idiot people who didn't read the fine print. Funny, too, how Bush pointed to home buying as proof that the economy wasn't so bad when he was trying to get "re-elected." How quickly they turn.

This is a great example of the flawed "pull yourself up by your bootstraps" Republican philosophy: When it comes to ordinary people, you're on your own. However, when it applies to businesses, the Fed's all primed and ready to jump in and help.

My favorite example of this that horrible bankruptcy bill that was passed a few months back. Never mind that most people declare bankruptcy because of illness. Nope, sorry, you made your bed and now you have to sleep in it. Funny, though, how the rules didn't make it more difficult for businesses to declare bankruptcy. Oh, poor business, let me give you a helping hand.

Conservatives hate welfare, but I guess the corporate kind is okay.