Brown Spots On The Wall (Street)

John McCain has called it a crisis. Barack Obama called it a result of George W. Bush's failed policies, the product of "more of the same."

I wonder about the arithmetic of this current correction of the American economy, a correction replete with foreclosures, bankruptcies, take-overs and bail-outs. And I wonder about blame.

If there is the slightest hint of corruption to be found; if the tiniest shred of evidence pointed toward a culpable person or party, isn't it likely that great political theater would have already been staged, with seats sold out in a sudden rush of interest?

If the Republicans were to blame for the Freddie Mac/Fannie Mae debacle, wouldn't it be political idiocy, even suicide, if the Democrats did not immediately call for subpoenas and indictments and hearings and special prosecutors? Why haven't they done so? Doesn't the DNC stand to gain from getting to the criminal bottom of it all, if, indeed, Bush and Company are culpable?

Or are Democrats afraid? But why? Why should Democrats fear when they confront the vast "culture of corruption" that is the Grand Ole Party? I should think that the very halls of Congress would be abuzz with news of hearings, of impeachments and convictions. But I am not hearing any such thing. Am I not listening closely enough? Why the relative silence; where's the great hue and cry for justice, for "hell to pay!"

Is the silence due to the fact that the two biggest contributions to political campaigns disbursed by Freddie Mac went to Democrats Chris Dodd and Barack Obama, respectively? Is it because the former head of Freddie Mac, Franklin Raines, who paid himself $20 million in 2003 essentially to destroy a financial sacred cow and then awarded himself another $25 million as a consolation prize, is one of Barack Obama's campaign advisors and was a big player in the Clinton Administration, serving as director of the US Office of Management and Budget? Or is this all a reach?

Or is the silence due to the fact that Joe Biden voted in favor of the 1999 legislation that arguably led to this great 'crisis,' while John McCain was 'absent' from the Senate at that time; and that Bill Clinton signed the deregulation bill into law, making it a key part of his Democratic legacy? Yes, Republican Phil Gramm, a former McCain campaign economic advisor, helped craft that controversial bill. But Democrats were also behind the bill. Beside, as already noted, the Obama campaign is getting economic advice from the man who led Freddie Mac into the abyss. If Gramm is McCain's liability, then Raines is Obama's liability as well.

I am not unaware that Republicans also received contributions from Freddie Mac, but the Republican connections to Freddie Mac do not seem quite as unbreakable as their Democratic Party counterparts'. I am also aware that everyone may stand to lose something here. But surely there is a party that stands to lose less and gain more, no? If so, why has that hand not yet been played? Or does it all amount to no more than a wash? Are we about to see more mud-flinging around Wall Street, flung solely as a distraction, even a palliative, keeping voters confused, detached or disinterested, and hence passive and careless?

Someone, I hope, can set me on the right path. I would very much like to understand the politics of this particular game -- and why the game is not being played for all it is worth.

Prediction: Whoever wins this particular game wins the election.

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