Huh? What? Zzzzzz . . .



6 comments ↓

#1 hosepheffer on 01.14.09 at 6:42 am

how about,
“Bush eats B-day cake with John McCain while 30,000 struggle to stay alive in New Orleans”

What was he supposed to do????

#2 Ghost of Dude on 01.14.09 at 7:31 am

Apologize for the economy? What power does a president have over the economy?

#3 l3wis on 01.14.09 at 7:36 am

Well not much, but he does appoint his economic team. Maybe he should of checked in with the SEC once in awhile to see if someone was awake. I have a feeling Shit is gonna hit the fan about the SEC under Bush.

H- I would have included Katrina and multitude of other scandals, but I only have so many frame to work with on a blogtoon.

#4 Ghost of Dude on 01.14.09 at 9:43 am

The SEC should be ashamed that they let those risk swaps happen right under their nose and did nothing about them. Blame for that does lie with the president. Any MBA with a brain (and there are a few) could have seen this coming if they knew what was going on.
Someone at these agencies should have been able to say “hey guys, there’s a lot of money tied up in these poorly regulated swaps. Maybe we should look into them”.
The way they got away with doing those trades with no regulation was a clever naming trick. Had they called them what they were – insurance – there would have been a good set of established regulations governing the transactions and requiring the companies to hold enough money in reserve to cover expected losses. Instead, they were called “swaps” and skirted the reserve requirement. That nobody recognized that selling what is, essentially, high risk insurance with no reserve requirement would mean bad things for large banks is a total failure of our regulators.

#5 l3wis on 01.14.09 at 10:00 am

I think it helped much that Cox closed the office that was supposed to be watching them either. Trust me, they knew exactly what was going on, they just turned the other cheek.

#6 l3wis on 01.14.09 at 10:00 am

‘Didn’t Help’ I mean

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