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There’s this notion going around that tough times will reveal the true character of America. It’s a good bit of marketing and satisfies our desire for myth. But it’s baloney.

When you’re backed up against a wall, you learn one thing: people have a keen sense of survival and a knack for self-preservation. It’s those other times that show us what we’re made of, like those times everyone thought they could get rich buying and selling tech stocks  houses  oil futures hope?

I guess Bush will take the blame from a lot of people. But whatever else he did, he didn’t force anyone to take on a mortgage they couldn’t afford.

But didn’t he and his cronies create the climate that made all those criminal excesses possible? I suppose they might bear some responsibility, but people have to take their share of the blame occassionally.

We get the leaders that serve up what we want to believe, and we very badly wanted to believe in everlasting wealth.

It doesn’t mean we still can’t become Treasury Secretary some day, even if it means a come-down in pay.

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In the fast-moving blur that our financial sector has become,  I vaguely recall the argument that taxpayers (or Asian creditors) could someday turn a profit on the “distressed assets” they’ll be purchasing in a few week;

Still, I’m a bit skeptical. I should note that I haven’t heard this claim in the political posturing that has passed for Congressional debate the last few days. (I wonder how many pols are willing to put their principled free-market stands through the risk of a real-world test. Very few, which is why we’re more likely to end up with a package that includes tax rebates for you and me.) But we may hear it again, so it’s worth dissecting, however briefly. If there is a profit to be made from these assets, why don’t the companies keep them or why doesn’t some enterprising private-sector investor snatch them up?

I’ll be waiting for the answer.

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.

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