aardvarkcola

Will Americans get pissed off over this banking crisis?

Posted on: September 17, 2008

Scribe Allan Fotheringham (in Canada all who write are writers; Foth is our only scribe) described his fellow Canadians as people who will, as pedestrians, stop on a sidewalk intersection in the middle of the night, no traffic coming, no one looking, and wait politely until the “walk” light comes on before crossing the street. It does actually describe something about our national psyche. We Canadians put up with a lot of bullshit (a Canadian word used, at times, even in polite company).

Americans, on the other hand, are a different kind of animal. While we founded our country talking bullshit (William Lyon Mackenzie, Louis Riel, and other like-minded forefathers’ attempts excepted) Americans founded their country by kicking royal hiney.

American comedian Richard Pryor included a bit in a routine describing an imagined Japanese tour group visiting California before Pearl Harbour to assess American butt-kicking gumption. The visitors from the Empire of Japan, Pryor said, found Californians to be laid back, easy going, with nothing ever bothering them.

“They didn’t go as far as Alabama,” Pryor quipped, adding if they had gone into the U.S. that far, they would have found people-beasts (my description, not his) chained up in basements to be let out only for fights. He clowned on stage as if struggling with something wild at the end of a chain.

Pryor touched on something real about the American psyche. Americans can get seriously pissed off about stuff very quickly in a way we don’t seem to. Everyone will kick back if pushed, but history shows if you sucker punch Americans, expect more than a hard kick in the teeth. Expect the world to change. Read your history or see a Hollywood Western.

Now my point.

When will Americans figure out this whole sub-prime mortgage affair meant what seemed like the giant pillars of their financial system- including some that survived the Crash of 1929- were felled by managers that didn’t manage, accounting practices that hid huge problems, and a regulatory system that was absolutely ineffective?

During the biggest financial crisis in the United States in 79 years, will Americans be pissed off over banks that booked credits as assets to perform the all-time mother of magic tricks- crumpling the greatest financial sector the world has ever known so it fits into a toilet bowl. With the U.S. economy dizzy as it circles the bowl in the middle of this flush, will Americans get pissed off?

Will Americans kick in the hiney whichever presidential candidate does not appear to have a grasp of these financial issues while giving the other one a desk and told to damn well get to work and straighten out the mess?

I close with this link to the web site of a junior senator from Illinois, who wrote Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson back in March 27, 2007, 18 long months ago, out of concern over the looming crisis in sub-prime mortgage lending, including his suggestion for a summit to discuss matters including, “how to ensure adequate liquidity across all mortgage markets..”

Meanwhile, a certain senator from Arizona ‘s presidential campaign co-chair (well, until last July) – who has been described as an economic advisor to him, and had a history of fighting regulation of the financial sector as a senator from Texas- said in a huff as recent as July- just two months ago-(see post) that Americans citizens were a bunch of whiners.

I’m not an American citizen, but if I was, given those two choices right now, I’d be severely pissed right off.

No bullshit.

Thank you for drinking AardvarkCola

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  • None
  • wordbeeps: No, he doesn't deserve an apology. Who tweets during a funeral? If you do, expect feedback. I didn't say the mourners were faking it. I think they we
  • Holly Stick: Look you fuckwit, are you too stupid to realise that Ghomeshi was an actual friend of Layton's, when you tweeted to him that the mourners were faking
  • aardvarkcola: Thank you. I see the rest of your message now. i'm honoured to to have your words on my blog. That alone is a delight. Lawrence

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