Saturday, September 20, 2008

Is Chili Mac next on the list of bailouts?

By S.J. Masty

Tomorrow, After Lunch - The epic nationalization of mortgage giants Fannie Mae and Freddie Mac is expected to cost taxpayers "between $50 billion and $500 billion" or more, say economists abandoning pocket calculators for a dartboard.

Next, Lehman Brothers sold the cow for a handful of magic beans and were allowed to collapse. But it is an election year, government's heels are rounder than usual, so it may not be the end of the bailouts.

Both presidential candidates have responded dynamically by adopting a concerned, mature, "I've got gas" expression as though they are auditioning for Alka Seltzer ads, then saying that somebody needs to do, um, something.

Republican John McCain - standing for smaller government, paying debts and rugged individualism - won't admit that the supposed remedy for Fannie Mae and Freddie Mac is pure socialism, as found in those goofy little Third World countries whose legislatures vote to repeal the law of gravity, and earn most of their Gross National Product by selling postage stamps to collectors.

For Democrat Barack Obama, who has never seen a problem that cannot be solved by borrowing your Visa card, blowing a few hundred billion is probably, well, necessary. Change we need - because all the folding money is going to Washington.

Meanwhile, none of the candidates has dared to speak out on another crisis: Chili Mac.

For more on this commentary, go to The D.C. Examiner

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