I just had an epiphany on the Blame the Bankers meme that every Democrat and every liberal instinctively believes as the cause of the Crash of 2008.
I'd always assumed that it was pure cynical political blame-shifting, the natural instinct of the ruling class to find a scapegoat to take the blame for its feckless and foolishness.
Of course, that's what it was, mostly. You can't run a country and admit to your foolishness. That's chalk and cheese.
But you can't discount the bigger picture. You can't discount the fundamentalist faith that liberals have in a wise, educated elite dispensing rational, expert governance from on high.
When the real-estate crash began and then nearly buried the country in the fearful days of September 2008 when the Dow could fall 500 points in one day, the one thing that liberals could not admit even to themselves was that their policy of pushing low-down payment mortgage loans on sub-prime borrowers was just about the most stupid thing anyone ever made into national policy.
It couldn't have been, because liberals are the most educated, most evolved, most compassionate people in America. They could not have just about ruined America as a result of their generation-long pursuit of the great white whale of "affordable housing" for minorities and especially for minorities in "red-lined" neighborhoods.
Christopher Chantrill is a writer and conservative, and author of Road to the Middle Class. He runs usgovernmentspending.com, the go-to resource for government finance data, is a frequent contributor to the American Thinker. He lives in Seattle, Washington. Click for more.
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We all know about TARP at $700 billion and change. But did you know that the total financial bailout of 2008, in spending and guarantees, amounted to over $20 trillion?