Posted by: distributorcap | October 14, 2008

In The Tank

With the Presidential campaign heading toward the cesspool courtesy of John McCain and Sarah Palin, we tend to forget that we still have a douchebag running the country for another 99 days.

The tidal wave of failure for the American financial system spilled over the walls on September 15th when Bush, Paulson, Bernanke and Cox ran out of fingers to hold back the dike. They had so wished and hoped and prayed (and plotted and cheated and begged) to some Bush-god for this meltdown to happen on January 21, 2009, not any time before. But unlike the Rolling Stones song, time was not on Chimpy’s side. Richard Fuld, Lehman Brothers $400 million dollar CEO (who of course claims he earned every cent!), put a big crimp in the Bush legacy – when he put Lehman into bankruptcy.

Actually not a crimp but a big, deep, permanently etched scarlet letter. If I were Bush (and I am so glad I am not) – between this crisis and 9/11, I would never sing See You In September anymore.

Since then, Hank Paulson has basically been running the country, with Bush occasionally popping his head out to mumble something unintelligible and then scurrying back into his roach motel. On Sunday, the Wizard of Crawford pulled back his curtain and said to a bunch of idiots that for some bizarre reason actually still find him worthy of 3 seconds of time, “that it is a good thing he [Bush] is charge.”

During the past two weeks, as the Bush Administration tossed out economic solutions based on the movement of the Dow Jones Industrial Average – you can see all the market indices nose dive every single time the King of Bankruptcy opened his mouth. Today (Monday), someone must have told him to keep his mouth shut because the market rose over 10%. That and finally letting some of the grown-ups from the G-7 help plan a course of action.

“I wish I could snap my fingers,” Bush said to those same loyal morons, “and make what happened stop.” You can only imagine what 300,000,000 Americans are wishing for when you snap those fingers.

Back to his legacy — and the chart below. Looks like a strand of DNA doesn’t it? He is at 73% “disapproval” – which is a record. And doesn’t that make Babs the Impaler proud! While 73% of the public think Bush is a lousy, rat fink imbecile, there are still 23% of the people who need major dosages of thorazine – they actually approve of what McFlightsuit is doing. Bush at 23% is below that of a previous criminal/Republican President – Richard Nixon. Nixon hit 25% approval just before he resigned. But Bush has not hit the modern day low. That would be the 22% recorded by Harry Truman in 1952. But he has 99 days to beat that one! And we all know George is more than capable of fucking up even more. I have total confidence that this 56 year record will fall. Bush never fails to disappoint.

The interesting thing is that the crossover from over 50% in the positive approval side to more over 50% negative took place just after the 2004 election. Do you think there is a lot of polling remorse?

George W. Bush is a complete failure as a businessman, as a decider, as an executive, as a leader, and as a human. He will not be vindicated – no matter what happens in Iraq. The economic meltdown has insured that. Bush was given an incredible gift – the Presidency of a nation that is capable of accomplishing great things for the good of the planet. Instead of using this gift to instill prosperity, peace and intellectual growth, he has run this place into the proverbial ground. The price this country and the planet will pay for the abuses, incompetence and evil of George W. Bush shall be felt for decades. That and the $11 trillion dollars of debt he is bequeathing.

So what is the legacy of Mr. One-For-The Record Books? A good part of the it will be how he destroyed the prestige of the US with a reckless and immoral war. Another chunk will be how he destroyed the financial stability of the US with reckless and wasteful spending. A third section is how he destroyed our ability to believe in working government and leadership with debacles like Katrina. Remember this is all from a man who claims he has made no mistakes.

It will take some time – but do believe we can work our way back from the black hole he is leaving us in. We will recover and we will thrive again.

But hopefully there is one part of the Bush legacy that will never be rehabilitated – his destruction of the soul and core of the Republican party. Which will mean America will be a more civil, peaceful, tolerant and generous society. And that is something we should all want.


Responses

  1. I’m concerned that we will never be able to get rid of every foul thing he implemented. once the NSA gets used to listening into our phone calls, it’s kind of hard to stop, no? My hope is that a historian–in the near future–argues that W isn’t the worst president ever, only because the historian shows that which we know–W never was legitimately the president. And then he is found with his face in a pool of his own vomit and the world is a little less stupid. The end.

  2. Some of that 23% are hardcore rightwing nuts. But I’ll venture that a lot of them, maybe most of them, are people who simply can’t let go of the idea of “supporting” the commander in chief, who can’t face the reality of things being as bad as they are, in no small part because they voted for him.

  3. I am not at all convinced we will recover economically from an $11.3 trillion dollar debt.At best, if we’re to survive as a nation, I think it will require a combination of debt relief, restructuring, and writing down.When you’re in the hole 4 times the amount the U.S. Treasury collect in tax receipts, I just don’t think we can pretend the problem isn’t there.

  4. You have to wonder what is fact.Europe is now committed to a trillion dollar bail out.They sure have a lot of governments worried on this “crisis” to move like they have.It appears they may be hiding the real problem in fear if a country or group of people find out the truth someone is going to start another war for the hell of it.Knowing the current administration’s contempt for law and their flagrant use of false information and propaganda, you can’t blame the world for not showing any confidence

  5. Unfortunately, 50 or so years from now we will be learning this lesson all over again.And you know what I’m sick of? The Democrats always having to clean up the messes left over from the republicans. That is what Obama is going to have to do so we may never see health care reform or environmental changes that we need. We won’t be able to afford anything but cleaning up the big shit mess that Bush has left us. That’s if we get to keep at least some semblance of our democracy that is.

  6. And you know what I’m sick of? The Democrats not having the balls to stand up to George Bush, who enjoys a job approval number lower than Nixon’s before he resigned.Pelosi and Frank knocked each other to the ground to be the first to sign the $700 billion dollar bailout of Bush’s friends and family members on Wall Street.Just like the Iraq war. They just couldn’t stand up to this 5’8″ faux Texas cowboy. I don’t get it.

  7. O DISTRIBUTORCAPcity GREAT HISTORIAN AND LINGUIST OF THE ADULT ICONOCLASTIC TELEGRAPH-WIRE:Please tell the fine people the the truth about the stock markets.If you add up the turnover on the NYSE+NASDAQ+PINK SHEETS+GDR (Bayer Aspirin, Parmalat, etc), and compare it to the the turnover on USD/foreign exchange, straight debt, swaps and other debt, currency and commodity derivatives, you will see…………ALL THE TURNOVER IN STOCKS IS 100,000 TIMES SMALLER THAN THE TURNOVER IN THE OTHER STUFF.I’ll put it another way. If you go online to buy a stock, you may purchase as little as $100 worth. If you want to purchase a USD/Japanese Yen one-year plain-vanilla interest rate swap the smallest amount you can buy is $100MILLION WORTH.So, why are they focusing on trivia when disaster is in another place? Please tell us.

  8. kelso’s nuts:That’s why Warren Buffet called that stuff “Weapons of Mass Destruction” a few years back.They focus on the damn trivia because people relate and they can visualize something to hate.Easy to hate a sub-prime homeowner who lies about income, defaults, and is blamed for causing this massive problem which I think is a red herring.Hard to visualize this expensive paper that they can’t understand and which is still going to tear apart this financial structure

  9. Midas~ Everything he touched turned to gold.Bush – The anti-midas touch, everything he touched turned to shit.

  10. Everybody who visit’s D-CAPny’S blog should be very glad to be who they are: charming, pleasant, intelligent, thoughtful and honest people. I’m not kidding at all.I had no idea until today the damage that McCain and Palin did this week to the reputation of the USA and it’s Wingnut Plurality. Latinos disliked Chimpy and thought Americans were naive and goofy and that what they call “Los Evangelicos Extremos” [Fundies] were like Satanists or something. Most of the poltical nuances nobody understood really because of the language and the cultural differences.”KILL HIM” “HE’S AN ARAB” EVERYBODY UNDERSTOOD. American tourists if they cop their usual attitude of talking loud and carrying on and being impolite and disrespectful are going to have serious problems after this. It’s one thing to be thought of as “innocents abroad”. It’s quite another thing entirely to be seen by 2 billion people worldwide as a mob of racists ready to riot and kill a dark skinned person. That offers people in other countries a LICENSE essentially they didn’t feel, have or want before.People loved Bill Clinton. People love Barack Obama. But when Obama wins it will take awhile now for this to be forgotten by the rest of the world. Down here at least skin color isn’t the same big deal it is up there. Brown-skinned people with African features and White-skinned people with European features dont consider themselves different. In physical appearance? Yes. As something other than a person from whatever country they’re from? No.So, not only does Obama have to step in and try to fix the worst economic mess in centuries. He has to convince the world that Americans aren’t all MONSTERS. No human being is up to those two tasks. Or should be asked to.That’s the poison of Chimpy.

  11. This thing with racism or discrimination is all about plurality.Someone screws up, regardless what he or she is, the victims looks to everyone of the perpetrators type with fear and suspicion.Friend of mine who was in search and destroy in Viet Nam saw his fiend’s head impaled on a shaft. He was a great guy but hated Orientals after his tour.I had friends who were Oriental and found them worthy of friendship.I can’t judge my friend for hating as something like that will effect anyone abnormally. It all depends how much pain is caused to see what kind of backlash develops. You are right, anger may override reason.

  12. Here’s the awful thing: it’s traditional for the postal service to issue a stamp of a president after his death. Someday there will be a George W. Bush postage stamp. Have you ever read Molly Ivin’s “Shrub?” It puts it all in perspective; the family fuck-up who wants to tweak his father, but ultimately has to be bailed out by him. This time George Sr. can’t help.

  13. ICHABOD: Fighting in a war is something entirely different. What you write is absolutely understandable by every single person. No one would feel differently. Everybody (except chickenhawks) understand how horrrific war or any violence is.Your example makes my point. This craziness at the McCain rally happened over NOTHING. We’re having a presidential campaign now in Panama. I’ve been to a couple of rallies of both candidates. The candidates get up make nice speeches say enthusiastic things and their supporters cheer. They never refer negatively to the other candidate — not the candidate himself or herself nor anyone of the supporters.There has been too much political violence throughout this region over the past two centuries and now there’s a sense of calm and everybody likes that.

  14. kelso’s nuts;You are absolutely right. The craziness was for nothing.There are people out there that do not yearn for peace and brotherhood.I don’t understand it. It is beyond my comprehension.

  15. The 23% support for Bush conforms neatly to the percentage of authoritarian personalities in a given population. That will be the bottom for Bush. Hitler probably had the same numbers in 1945.In his book, “Conservatives Without Conscience”, John Dean examines Right Wing Authoritarians. He also references Bob Altemeyer’s book on Authoritarians.Professor Altemeyer has generously made his book available for free online at The Authoritarians. (http://home.cc.umanitoba.ca/~altemey/)“What good fortune for those in power that people do not think.” – Adolph Hitler

  16. Every day that man is our President makes me cringe. I won’t ever forget what he did to our fair land.

  17. I have a friend back in the states who is so upset about this that he’s determined to VOTE for McCain just out of a sick curiosity about what might happen. Because he can’t believe what he sees every day. And the “kill him” bit just drove him around the bend he was so furious with Walnuts and Palin.AND HE LIVES IN A SWING STATE!!

  18. Last night on Rachel Maddow, Barbara Boxer said she wouldn’t rule out examining Bush’s deeds in search of criminalality.Hell, she can read our blogs and gather that info.

  19. Blogger Christopher said… I am not at all convinced we will recover economically from an $11.3 trillion dollar debt. At best, if we’re to survive as a nation, I think it will require a combination of debt relief, restructuring, and writing down. When you’re in the hole 4 times the amount the U.S. Treasury collect in tax receipts, I just don’t think we can pretend the problem isn’t there.I hate to be the bearer of even worse news, but the actual U.S. debt is $56 trillion, not $11 trillion. This includes the federal debt, war costs and unfunded liabilities.See this: You Tube: Bill Maher interview with US Comptroller David WalkerWhen I mention this to most Americans, their jaws drop. It just shows how effected the propaganda machine is in the U.S.

  20. toujoursdan;That is not so bad, only $160,000 or so for every man, woman and child.American Express will cover it 🙂

  21. Put that $160,000 on top of the personal debt through credit cards, student loans, home equity loans, etc. and you have a population who is in debt slavery. As concerned as everyone is about the expansion of civil liberties, the restriction of personal freedom through debt obligation is even more insidious.

  22. “expansion of civil liberties” should be “restriction of civil liberties”

  23. toujoursdan;You are absolutely right and it is frightening to say the least, because of the things you and Christopeher mention.Freedom and independence are at stake. That is too big a sacrifice for this nonsense.

  24. i am gonna chime in later…….. you guys are ALL so right….. no one fully understands the true nature of this debt bomb……. and the media NEVER explains it or even bothers to acknowledge it

  25. toujoursdan,You’re absolutely correct.I should’ve been more accurate and qualified the amount as an annual figure and I didn’t.These amounts aren’t manageable and have to potential to cause a financial meltdown that will make the Great Depression look like a Sunday picnic by comparison.

  26. And in the past, when crisis like the Great Depression happened, the industralized world was able to tap into unrestricted energy as the bae mechanism used to reboot the economy.There is a pretty strong case that we have reached peak oil; unrestricted energy just isn’t there anymore. (Even if peak oil isn’t here, we are competing with China, India and the Middle East for a finite supply of energy.) We will have to reboot the economy with a restricted amount of energy paid in dollars whose value is under siege. So it is a different ballgame than before.It’s easy to get gloomy about this but the fact is that the current economic models, which are based on infinite supplies of energy and resources and an economic “growth is good” philosophy are in their final days. We are beginning to figure out that economic growth and the raising of living standards aren’t the same thing. We have had GDP growth for most of the past 30 years but the majority of the population hasn’t seen their living standard change (in fact stagnant wages and the accumulation of debt is depressing the middle class and the poor were never in the game to begin with). We are also starting to reach very real and hard limits of what the planet can produce. We don’t have infinite supplies of energy and resources anymore. We need to get away from the “growth is good” mentality and move towards raising living standards in a sustainable way. Economic growth isn’t good. It doesn’t benefit most people and it is killing the planet, which means that it will kill us. Saying “growth isn’t good” is still economic heresy according to the mainstream media, but this change in thinking is right around the corner.

  27. toujoursdan;Reading your comments today and other days I sense truth and research behind it.Your conclusions in respect to economic growth are realistic.In the past when man’s labor was the key, it was different ball game, but technology has supplanted human labor dramatically from agriculture to manufacturing to education.There are not as many “real” jobs in this world as there used to be and the population is larger.This is a shift that no one speaks of much but is reality.Trades and professions have disappeared with technology. The service industry is now king in the modern world whereas only a generation ago it was a lot smaller in comparison to the overall economy.That tells you something.

  28. D-Cap–The Secret Service should be dropping by later this afternoon !

  29. Dcap, another great post. You are becoming a great rabble rouser. Your comments thread is getting pretty unruly. Can you control the mob you’ve roused?For now you win the prize for best political writer in my neck of the woods. I’m wowed.

  30. the only thing chimpy has left in worse shape than the country is the rethuglican party.

  31. Excellent post, DCap. I think that Bush will be remembered as Hoover was, but even worse. And I don’t think his reputation will be rehabilitated over time. Even Nixon is looked on more fondly than he will be.

  32. DCap, you write so well. This post is informative and thought-provoking. I wish you had a syndicated column, so your words would be read by many more people than you reach here.I do have one question. Do you really “believe we can work our way back from the black hole he is leaving us in. We will recover and we will thrive again”? I feel very pessimistic.

  33. The little boy who cried wolf, with his finger in the dike! What a perfect picture it is!But I thought… once the roach went into the motel, it never came back out! Our nation should demand its money back, maybe go more for something like a conventional mousetrap.If the approval/disapproval chart is a Rohrschach Test, I look at it and see pure dumbass evil.I love Kelso’s phrase “the poison of Chimpy”. Perfect.

  34. i really am gonn chime in here — just when i find five minutes…this whole debt thing is unreal — finally even Brokaw said on Morning Schmoe today that we really have to stop living like we are owed something

  35. D-CAP: I know that you HATE Chimpy with all your being sort of in the way I HATE Colin Powell with all of mine.I still believe of course that Chimpy is in the running for the worst-head-of-state in human history, and I don’t know if this next part makes him seem better or worse……CHIMPY did make four high-quality appointments: Tony Snow, Paul O’Neill, John Snow, and Gregor Mankiw. Tony Snow is deceased. O’Neill and John Snow, Treasury Secretaries prior to Paulson were booted. Gregory Mankiw, CHIMPY’s first CEA chair either left or was booted and now I believe advises Obama.Tony Snow was a desperation move because Ari Fleischer had been too offensive and Scott McLellan was useless especially in a period when the press finally figured out CHIMPY was for shit. Snow, in his brief time, was harder on his boss than any of the crack Washington Press Corps.O’Neill, John Snow and Gregory Mankiw were always just window dressing to please moderate country-club Republicans but had no authority whatsover. I think they would have been useful now — certain the first two instead of Paulson — and might have allowed CHIMPY not to destroy the USA once and for all with very little time on the clock. The person who wrote about the reverse Midas touch is absolutely right.

  36. It will be sadly interesting to see what happens. The whole expansion of the 1980s and 1990s was built on credit; it gave us a completely false sense of prosperity. Even if the foundation doesn’t crumble, we won’t be seeing such an expansion in our lifetimes again.


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