World Collapse Explained in 3 Minutes

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Inflation, and the bailout, simplified

What Andrew Jackson might say about the bailout

by James P. Pinkerton

“You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

Today I turn over my space to Andrew Jackson, the seventh president of the United States, who said these fiery words to a delegation of bankers in 1832:

“Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.”

The issue back then was the Bank of the United States, a federally chartered institution—sort of a predecessor to the Federal Reserve—that Jackson, ever the populist, strongly opposed. Today, most people agree that a national bank is necessary, but as today’s vote demonstrates, there is no national consensus on transferring wealth from the middle to the top. Good! Let’s hope that principle holds true for a while longer.

Today, the same as back then, big bankers attempt to blackmail America: If you don’t do things our way, exactly as we tell you, then the roof will cave in.

For more on this commentary, go to The Fox Forum

Is Chili Mac next on the list of bailouts?

By S.J. Masty

Tomorrow, After Lunch - The epic nationalization of mortgage giants Fannie Mae and Freddie Mac is expected to cost taxpayers "between $50 billion and $500 billion" or more, say economists abandoning pocket calculators for a dartboard.

Next, Lehman Brothers sold the cow for a handful of magic beans and were allowed to collapse. But it is an election year, government's heels are rounder than usual, so it may not be the end of the bailouts.

Both presidential candidates have responded dynamically by adopting a concerned, mature, "I've got gas" expression as though they are auditioning for Alka Seltzer ads, then saying that somebody needs to do, um, something.

Republican John McCain - standing for smaller government, paying debts and rugged individualism - won't admit that the supposed remedy for Fannie Mae and Freddie Mac is pure socialism, as found in those goofy little Third World countries whose legislatures vote to repeal the law of gravity, and earn most of their Gross National Product by selling postage stamps to collectors.

For Democrat Barack Obama, who has never seen a problem that cannot be solved by borrowing your Visa card, blowing a few hundred billion is probably, well, necessary. Change we need - because all the folding money is going to Washington.

Meanwhile, none of the candidates has dared to speak out on another crisis: Chili Mac.

For more on this commentary, go to The D.C. Examiner

Fannie and Freddie bailout latest tale of American socialism