By reader Jackrabbit, hoisted from comments on “Tim Geithner’s Magical Mystery Tour Of TARP Propaganda Has Little Use For Truth“:
1. If you don’t say “no” it isn’t rape
TARP was presented as the ONLY way to avert a melt down. The rapist used a gun. A more thoughtful approach would have at least extracted some concessions from the banks and ensured some measure of accountability in exchange for the bailout.
2. You brought it upon yourself (you flirted, didn’t cover up, didn’t take precautions, etc.)
The fact is wages have been stagnant for two decades. People turned to credit for relief and responded to what seemed like a good deal (the opportunity for homeownership).
3. If alcohol or other drugs were consumed, you have no case
Financial Services Industry shrills tell us over and over that Americans were credit junkies and the industry was just servicing their clients. This is poppycock. The financial industry pushed credit relentlessly and the regulators let them do it without regard to the consequences (because they were captured). The FBI warned of fraud in the subprime market years before TARP but nothing was done about it.
4. Your past indiscretions will be used against you
Americans have been complacent and politically apathetic. They have allowed politics to be overtaken by moneyed interests. Some say, “you get the government you deserve.” That doesn’t excuse the fact that public trust was violated.
5. What’s done is done, its best to just forget it and move on
Accepting the unacceptable (we were ALL responsible for the financial crisis – TARP was a success that cost little and thereby reflects well on our governments stewardship of the economy) is personally destructive and emboldens the perpetrators.