An old high school classmate pointed me to this, at the Huffington Post of all places:
Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner’s new financial-sector bailout project, according to people who were in the room.
The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets — which they referred to as “legacy assets” — but wouldn’t be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn’t provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.
The basic problem here is that the Ivy-League educated Boomer noblesse de robe doesn’t know what it’s doing. Compounding the problem is that the ruling party, with a basically socialistic outlook, is trying to perpetuate the appearance (at least) of upward social mobility, because it knows that this is what Americans expect. Unlike the 1930’s, the current electorate has no patience. So they are unable to tell the truth, i.e., that a debt-laden economy will take time to work through, and that adding more debt will only, in the long run, compound the problem.
Such a reception, however, does remind me of an old South Louisiana story that I’ve told before, from a political speech:
Ladies and Gentlemen:
At the outset permit me to thank you for your warm reception.
I cannot say that it is unexpected because Terrebonne has always been generous with me in the distribution of her favors.
Some of the happiest days of my boyhood were spent among you and many of my warmest and dearest friends are in this Parish.
Terrebonne has always extended me a WARM reception.
When as a young man I courted the favors of the fair sex, other young men who were courting the same girls saw to it that I received a WARM reception.
When I sought political preference, my opponents here extended me a WARM reception.
And when in the course of human events, I shall shuffle off this mortal coil, it is my earnest hope that my reception in the world to come will not be as WARM as it has always been in the Parish of Terrebone.