Financial Crisis: Is this an illusion? – UPDATES

I’m sorry, I have to ask it: is this economic crisis for real, or is it an already-bad situation being exploited and played up as far, far worse than it needs to be, for political purposes?

I am starting to disbelieve some of this. Just as I have repeatedly said that I disbelieve the “global climate crisis” because the people shrieking about it are not behaving as they should in a “crisis,” it seems to me the people making the hysterical noises about this “crisis” are not doing what leaders do in a crisis: hunkering down and working together to find real solutions.

UPDATE I: A bond trader who reads here emailed a harrowing description of what he’s seeing (which I cannot share) and then writes:

Too many players are either just gone, or are too frightened to commit any additional capital to the market. I have been doing this for a very long time and I see this as a very scary situation.

With their track record, I don’t believe you can decide this is not a crisis simply because Congress is acting in an un-serious manner. Those are un-serious people who really don’t understand what they have caused and created. A pox on both their houses!!! The professionals in the marketplace definitely see this as a crisis.

I’m not saying we’re not in trouble. Of course we are. I don’t want to minimize that I believe we’re in big trouble. BUT…when Chuck Schumer can say “John McCain needs to get out of town; he blew up our deal” when the Democrats don’t “need” a deal to pass their pretty plan, then I’m calling fakery and political theatrics.

Three days ago, Harry Reid said “we need McCain to come to town, we need to know what to do.” Today they charge him with “inserting presidential politics” into the process and are saying “get out of town.”

It seems to me that there is an illusion being worked in the middle of all this frenzy; if during this crisis, the Democrats can still worry about laying themselves out for ACORN, and Harry Reid can take the time to try to sneak a ban on oil shale mining into new legislation, then that tells me something. It tells me there is time and room, here, and that more is driving this than we can see. It makes me wonder if we should not hit the brakes before we go over a cliff, because we couldn’t clearly see the bend in the road.

FAKERY. Volokh also has some skepticism

Something is off, here. There is too much of a frenzy, too great a fog. I distrust frenzies; they generally are meant to obfuscate. There is a great deal of noise, a great deal of distraction; that’s when I look for the sleight of hand, and I worry about the masters of misdirection.

This is either the most serious issue of the moment and demanding the absolute best of our elected officials, or it is a survivable glitch that will cause some discomfort but will not kill us, which makes it something that can be played with…and it is being played with.

I’m not that smart; I admit it. But I know that when an issue is grave, people are grave about it, and they’re serious and they’re mature and working together to find a way out of it. Washington is NOT doing that.

So now…I’m starting to wonder about all of it. If there is time and room to cast blame and play games, there there must be time and room for real solutions, too:

UPDATE II:
“Paulson and have not acted in good faith for this President or the administration for which they serve.” Hmmmm.

Both Powerline and Lorie Byrd say “McCain is leading; Obama is following” but perception is everything and I don’t think that is the current perception.

Meanwhile, John Hawkins has an up-to-the-minute interview with Sen. DeMint.

It does seem that the Dems are succeeding in laying failure at the feet of the GOP, even though they don’t NEED the GOP to pass their bill. It seems to me that “trying not to be blamed” is a bad way to govern, for either side.

Hugh Hewitt is saying GOP: Make the deal
Baseball Crank says GOP take the bill, or you’ll be blamed
Rich Lowry: Pass the Bill; don’t let the GOP to get blamed for this.
James Pethokoukis says this brings the 2012 GOP Nominee to the fore
McCain: Make the deal or we’re done as a party

Also, if you don’t vote for Obama, you are a racist AND an incompetent!
Neo-Neocon: It’s not about politics, right

UPDATE III:

And I’m reminded of these two psalms – particularly psalm 5, and the lines about their mouths being open graves…
Psalm 12 Salva me fac

Help, O Lord, for good men have vanished;
truth has gone from the sons of men.
Falsehood they speak one to another,
with lying lips, with a false heart.

May the Lord destroy all lying lips,
the tongue that speaks high-sounding words,
those who say: “Our tongue is our strength;
our lips are our own, who is our master?”

“For the poor who are oppressed and the needy who groan
I myself will arise,” says the Lord,

“I will grant them the salvation for which they thirst.”
The words of the Lord are words without alloy,
silver from the furnace, seven times refined.

It is you, O Lord, who will take us in your care
and protect us for ever from this generation.
See how the wicked prowl on every side,
while the worthless are prized highly by the sons of men.

Psalm 5 Verba mea auribus

To my words give ear, O Lord,
give heed to my groaning.
Attend to the sound of my cries,
my King and my God.

It is you whom I invoke, O Lord.
In the morning you hear me;
in the morning I offer you my prayer,
watching and waiting.

You are no God who loves evil;
no sinner is your guest.
The boastful shall not stand their ground
before your face.

You hate all who do evil;
you destroy all who lie.
The deceitful and bloodthirsty man
the Lord detests.

But I through the greatness of your love
have access to your house.
I bow down before your holy temple,
filled with awe.

Lead me, Lord, in your justice,
because of those who lie in wait;
make clear your way before me.

No truth can be found in their mouths,
their heart is all mischief,
their throat a wide-open grave,
all honey their speech.

Declare them guilty, O God.
Let them fail in their designs.
Drive them out for their many offenses,
for they have defied you.

All those you protect shall be glad
and ring out their joy.
You shelter them; in you they rejoice,
those who love your name.

It is you who bless the just man
you surround him with favor as with a shield.

I think I’m going to podcast vespers for tonight. I’m going to record and podcast the Office for the close of the day, and offer it up that wisdom and truth will prevail over illusions, fakery and lies.
Check back for it.