Crisis: A situation or event in which greedy, wealthy, white men are at risk of losing money.
So the US sub-prime situation has gone global. And now the whole world is talking about a crisis of such epic proportions, that immediate, drastic acton is required. Business as usual can continue no more, and the world must cough up.
US Congress has approved a 700 billion dollar bailout that will do nothing except “bolster the confidence” of the market.
Well, yeah. They lent money to people that were never going to be able to afford to repay it, and then sold shares in those repayments to other people, who sold shares in their portfolio of owed funds to other people. Everybody ended up having shares in the debts of people that couldn’t afford to repay them.
So it seems logical that when they discovered the emperor had no clothes, they’d all need a 700 billion dollar hug. This was necessary to ensure that the directors of the companies – the advocates of the free-market, unfettered economy – were still able to walk away with multi-million dollar payouts when the company was “rescued” by the government. Hey, you know what? It turns out that government intervention (*whispers* socialism) is actually good in some circumstances.
And nothing boosts the confidence of an industry quite like the knowledge that no matter how much you fuck up, you’ll still get to keep your island in the Caribbean.
If it’s a real crisis, the US Government will be there. If you’re trying to do something insignificant, like say getting water to the New Orleans Superdome in anything under 5 days, well – call someone else.