File this one under, "Uhh....dude? You're not helping."
Has-been rocker Ted Nugent wants Wall Street to know that he's got our back. In a Washington Times screed entitled, "Is the Kettle Black Enough?", Nugent gives bankers a pass and levels his death ray at a negligent federal government he repeatedly refers to as "Fedzilla". He points out several instances where the government failed to enforce existing regulations and he pins much of the blame for the overall crisis on the failures in the oversight of Fannie and Freddie. He's not wrong.
The truth is that the federal government, as always, has overtly wasted, lost and blown far more of our hard-earned tax dollars than Wall Street crooks could have ripped off in their wildest Bernie Madoff imaginations. Our politicians are the real bandits and culprits of our economic calamity.
Unfortunately, he jumps the shark from the get go with the tin foil hat conspiratorial tone of the piece and the thinly veiled racism. I'm a Ted Nugent fan; I grew up with his music, appreciate his self-reliant libertarian leanings, and I can even get behind his culinary sensibilities. But he trashes an otherwise relevant argument by asking if the kettle is "black enough", welcoming readers to the "Planet of the Apes", and then taking umbrage at the suggestion that Tea Party activists are illiterate racists. He wraps things up by suggesting the politicians be tarred and feathered and pointing out that "November is hunting season. No bag limit.".
Also, if I'm making a reasoned argument that government is ultimately responsible for the financial crisis, I'm pretty sure using Alan Greenspan quotes to support my assertion is going to have the opposite effect.
At a time when the industry is doing its best to fly under the radar, the last thing Wall Street needs is a cadre of half-smart pseudo-celebrities coming to our defense. What's next? Jessica Simpson explaining synthetic CDOs? Thanks for the assist, Ted, but we've got this one.
I think Nugent hit the nail right on the head. I actually appreciate his abrasive tone because it is going to take a politically incorrect politician - someone who's willing to piss people off - to tackle entitlement spending. It's easy for us to look at Greece and say the rioting masses are being unreasonable, but consider if the US had to cut the deficit by $1.5 trillion and the new retirement age suddenly became 70.
Nugent has the right attitude - complacency and a desire to be liked by all is what got us here in the first place.
Of course he's right about a lot of it, but I don't think he's the spokesman the Street is looking for. lol
I agree 100% with Ted. Tar and feather them all.
I wish I could give Nugent a banana
I agree, government is the basis for all the crap we put up with. But as someone that is far from politics, I agree with Edmundo. Wall Street doesn't need armor supplied by those brilliant by half.
Uhmmm, causing the meltdown? Democrats? Really? If I'm not wrong, government was propelled with Conservative agendas during the period of 01-08. And I believe it was Republican Government that lacked the control over FNM & FRM. I find it insulting to provoke misguided information over facts upon readers.
Black Enough? Planet of the Apes? Fedzilla? This whole article could've been summed up with "I Don't Like This N***** and His Friends." If we're being frank that is.
Lastly, I'm certain the unwarranted push to put every American in a home (although noble as an "idea") was within the context of the previous administration. I recall the speech by our former mate bushy bush". You remember?
" (a home he/she couldn't afford under noraml circumstances). Btw, I looked up the word "oxymoron" and couldn't source a better definition. I know the plan allowed a tremendous amount of Americans to realize a bit of the American Dream, but, and this is a big BUT!, the government (if not any other entity) should know, this measure of opening up credit to a tremendous population of middle-class American was going to potentially abuse and poison the market. Not only affecting the nation as a result of increased consumer leverage (which results in higher bankruptcy rates), but also as a result of the innovation in the credit market. Although subprime mortgages could rarely, if ever be referred to as a result of "pure intellectual masturbation", Synthetic CDO's....mmmm shrug that's innovation. But I guess we swallowed our own pill.
But then again, this is all irrelevant now. One thing's for certain. No matter the circumstances, the conflict of interest, or the anger I have towards politicians or political parties or government, I would NEVER question their integrity. One thing I know for sure is this. Every American would die for his country. There's nothing more unpatriatic than to question the integrity of any American, let alone a government officials.
We all have our own weaknesses and all need to start with ourselves before we point the finger away. Fighting against bad government does nothing but creat BAD governance.
Checking Out! \ /
Actually the idea of sub-prime mortgage lending came about in 1977, but was pushed on banks in the late 90's by Slick Willy.
Then, when Bush took office he, as a PR stunt, pushed banks harder to issue subprime mortgages to people who the banks NEW would never be able to re-pay their loans at the interest rates they were getting charged.
The banks loved the idea of the subprime mortgage, and appreciated Bill and George's kind gifts as they could ramp up interest rates and when things went south they still owned the House/Business, etc.
Ted is a radical, both parties were responsible, but GOVERNMENT was responsible, and that's the important thing here.
Now to cover their asses they are blaming wall street, which is partly responsible, but if it weren't for BS social welfare pumps like CRA we wouldn't be in this mess in the first place. If someone can't afford a loan they shouldn't be given one, it's that simple.
Regardless, it's the Dems that won't relinquish control of FRE and FAN, this just came up yesterday in Senate Acutally and Mccain and fellows are pushing a vote on getting the Obama Adminstration and tax-payers out of FRE and FAN.
I most definitely would not die for America
then you don't deserve to live here
There is a small, maybe 2%, or our country that would actually die for the Flag. Right now I'm not one of them, American Revolution, WW2, yeah I'd probably take up a gun and go fight.
You're kidding yourself if you're not enlisted and say you'd die for America.
Such a morbid tone all of a sudden. Trust me, getting shot at is a highly overrated experience and no one downrange is talking about dying for America.
I'm just surprised that Ted Nugent even knows where Wall Street is. Wasn't Ted last seen in Montana (or someplace like that) teaching kids to kill deer with bows and arrows?
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