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Let me get this straight. Taxpayers, the new politically correct term for Chinese lenders, are going to bail out Fannie and Freddie so that our benighted mortgage giants can pay back their creditors in, uh, China. It’s sheer genius. I don’t think a country wishing us harm could have put us in a deeper financial hole.
It’s the international version of payday lending — an endless lifeline for the fiscally challenged. Do you think they’d let me go to the bank to borrow money so I can pay my mortgage to the same bank?
Now, if John McCain really believes we need to cut taxes, he should come out against this bailout. Best, however, to discuss “long-term reforms,” preferably of the painless sort. Wake me up when Mr. and Mrs. Straight Talk point out that a streamlined Fannie and Freddie could make it harder for the average American to get a loan or when they discuss the details of how their reforms will keep that from happening.
After all, before these companies existed to enrich MBAs, stockholders, former politicians and foreign creditors, they existed to help Americans.
If something is too big to fail, shouldn’t it be completely part of the government rather than lie in some netherworld between the public and private sectors? That’s the only question worth asking in light of the Fed’s proposed bailout of our two big mortgage giants, Fannie Mae and Freddie Mac.
What also seems odd is the constant reassurance from figures of authority that nothing is really wrong, that Fannie and Freddie don’t really need any money from the Fed. Then why all the fuss and bother?
At some point, someone in power (and their enablers) will have to start reading from a reality-based playbook. How else do you explain the large number of people who believe the country is on the wrong track and the large number of pundits and commentators who insist everything deep down is really OK?
Maybe Phil Gramm was right. Or maybe, just maybe, if you start to think about it, just for a fraction of a second, as crazy as it may sound and despite all of Gramm’s degrees and years in public life, he has no idea what he’s talking about. He just wants questions about the economy to go away.
Now that sounds like a reality-based playbook for a presidential campaign in 2008.
Is it possible that the Internet is changing politics? You’d be foolish to think otherwise. But you’d also be foolish if you thought the Internet laid the foundation for some utopian break.
What if the Internet served mainly as a funnel for the village cranks who, in the past, bored their family, friends and neighbors with their rants, sent angry letters to newspaper editors and generally made a habit of being self-righteous, indignant and quick to jump on everyone else’s hypocrisy but their own? Sounds like the political Internet, eh? The funnel has turned into a megaphone that’s harder and harder for the rest of us to dismiss politely, as we would the neighborhood crank. All the cranks are linked together now — and plugged directly into the media.
Consider the tempest-in-a-T-1-cable over comments by John McCain’s Internet adviser. He said something to the effect that McCain doesn’t need to know how to use a computer to govern effectively. The people bemoaning this sound a bit like someone complaining about a city council member who doesn’t know what it’s like to live on their street because s/he lives in some other, better-protected neighborhood.
Ultimately, Americans don’t need a leader who understands the Internet. They need a leader who can help them get affordable health care, sensible energy choices and perhaps an end to the war in Iraq. But just as the issues are eclipsed by the likes of Chris Matthews’ analyzing the interior and ulterior motives of Bill Clinton, they’ll be eclipsed by judgments concerning politicians’ use of, and attitude towards, new technology.
The good news for American democracy online is that there will always be some new toy for the insiders to twitter about.

Are we there yet?
June 24, 2008 in campaign 2008, Media, politics | Tags: Add new tag, agony, American people, Barack Obama, Bill Clinton, campaign 2008, election, John McCain, motives, President, Presidential campaign, speculation, stray comments | Leave a comment
In a surprise announcement, Barack Obama and John McCain jointly said they would let the one who really wanted to be president go ahead and take the job and spare the American people the agony of five more months of listening to stories about which adviser said what and whose preacher preached what.
They also hoped their announcement would end speculation about Bill Clinton’s potential role in the campaign, armchair psychologizing over his motives and endless rehashing of any stray comments he might make between now and November