Word: problem
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When you look at things this way, it becomes clearer what the frenzy in New York City and Washington is all about. There are major quality issues with our nation's flagship product. The authorities have acknowledged the problem--"This is a humbling, humbling time for the United States of America" is how Treasury Secretary Hank Paulson put it in one TV interview. So now Paulson & Co. are recalling defective financial products en masse, slapping GUARANTEED BY THE U.S. GOVERNMENT labels on some of them and replacing others outright with U.S. treasuries...
...greater regulation of anything) from the politicians and commentators who are now so indignant. What was not so obvious was the ability of real estate, which has always had a slightly rakish air, to drag even the most respectable and conservative parts of the economy down with it. Other problem areas, like Social Security, also have a Ponzi-scheme flavor: the claims on some pile of money exceed the size of the pile. In many of these schemes, the average American plays both the victim and Ponzi himself...
...billion overnight when lawmakers have been unable for years to find funds for all sorts of other national priorities provoked a bitter and bipartisan backlash. "Paulson confused venture-capital behavior with leading a free society," says former House Speaker Newt Gingrich. "I don't know why Bernanke thinks a problem largely created by the Fed and the Treasury is something that only the Fed and the Treasury are smart enough to fix." Others went further: "It's financial socialism," Senator Jim Bunning of Kentucky told Paulson and Bernanke at a stormy Senate Banking Committee hearing, "and it's un-American...
...could anyone guarantee that $700 billion, as staggering a figure as that is, would be enough to get the job done. After all, the people who would be brought in to do the deals would come from some of the very Wall Street firms that caused this problem in the first place. But as unpalatable as it is to bail out the wealthy financiers whose greed got the economy into this mess--and to do it, no less, in an election year when voters are already furious--the trio maintained that not doing it would be even worse. "We just...
...View--like blogs, like Jon Stewart and Stephen Colbert--has no such problem. Are its panelists biased? Sure! They talk about their opinions all day. Goldberg and Behar are plainly pro--Barack Obama; Elisabeth Hasselbeck is an avowed conservative. Yet their interviews are actually newsworthy; Behar got McCain to go on the record supporting his surrogates' attack on Obama's "lipstick on a pig" remark, and Hasselbeck, in a March interview, pressed Obama for seven minutes on the Rev. Jeremiah Wright controversy...