Bill Moyers & Barack Obama's Impending Administration

In 2003, Bill Moyer said the rich had declared class war and were winning. According to the post Moyer submitted and published through the PBS website the rich were buying, "...the laws and loopholes they want from Congress, and from the White House, they buy executive protection of their privileges."

This identification of the way things were in Washington, and on Wall St are interesting in light of the current economic crisis. One might conclude that not only did the rich declare class war, but they ensured its future by pushing the envelope on the housing miss management.

The economic crisis is inherently linked with the credit markets, the credit markets are inherently linked to the lack of regulations in the housing markets. In spring of 2008 my wife and I listened dumbfounded as NPR explained the crazy state of the housing situation through interviews with people who had actually been involved in selling the no-check credit lending that appears to be at the root of the whole debacle.

A man who had sipped from $100-$300 bottles of bubbly admitted that "when setting-up the credit deals, we didn't care if they would be paid for, we knew we were going to sell them to long-term lenders. And they wouldn't be a bother of ours." I was appalled at the system that had so greedily created situations that would come to effect others so callously.

Here now in the closing months of 2008 we know now that credit has tightened, and that the folks in Washington have essentially socialized the U.S. banking system. It is interesting (along with infuriating) that the party that describes itself as a protection against socialization has been at the helm. Or is it?