We were finally able to take a little time to see the recently released movie “The Big Short.” As most folks already know this film follows the few people that realized early on that the national and world economy was based on the very shaky grounds of mortgage based securities where the mortgages were often never based on sound loan practices. These were more commonly known as toxic mortgages. At that time this is what was undergirding the economy. The rare folks that realized the situation were then able to place a type of bet – known as a short – that the economy would fail.
The movie ends well before the full scope of the crash becomes apparent. But we all remember what happened. Who can forget the Bush administration essentially going absent even before the election of 2008? Who can forget that the very day following the election the nation almost as a whole looked to the president-elect, fully 2 months from taking office, to start fixing the problems? Who can forget the Bush administration putting whatever roadblocks they could in the path of the new president?
Who can forget the Republican obstruction in forging a stimulus? Due to that obstruction the stimulus that was finally passed was nowhere the size nor the scope that was needed for the crisis at hand. One of the leaders of that Republican obstruction was Chuck Grassley. Following their success in redirecting the stimulus, Republicans were able to then thwart any real legislation against the casino that Wall Street has become. Republicans were also able to take most of the teeth out of legislation controlling banking . The weakened Dodd-Frank bill that was meant control banks has then been further eviscerated by court decisions and resistance.
Thanks in great degree to Republican obstruction, while our economy looks strong on the outside cracks still exist that could let the dam burst
As for one of the stars of the Republican obstruction that has left our economy on shaky grounds, our own Chuck Grassley, he is still burnishing his reputation as Mr. Obstruction for the party of Obstruction. Chuck is now in the business of stopping the State Department from functioning and stopping as many nominees to federal courts. Appointments to the courts are at a 50 year low and show no signs of getting any better. In fact, Majority Leader Mitch McConnell said last week that week that even the trickle of confirmations is likely to totally dry up.
Grassley’s campaign slogan this year should be “I won’t do a damn thing and will wreck things that have been done.”
If you can, take a little time to see “The Big Short.” It may rekindle some bad memories, but America must never forget how Wall Street and the banksters were able to push the world to the brink of economic collapse over their greed!