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Lead the way, Senator!

October 02, 2008

One of the perks of being a Senator appears to be breathtaking self-righteousness. Consider this from Senator Grassley:

Grassley insisted that Wall Street itself had an important role in a crisis that has focused more on Congress in the past week.
"I've suggested that it wouldn't be a bad thing if the leadership of these investment banks and financial institutions and Fannie May and Freddie Mac would take a Japanese approach to corporate governance. And I'm not talking about going out and committing suicide," Grassley, a Republican, told reporters during a morning conference call.

"The CEOs go before the board of the directors, before the public and before the stockholders and bow deeply and apologize for their mismanagement," Grassley said.

That's a great idea, Senator. And as a supreme moral leader, it would only be fitting for you and your fellow Congresscritters to set the right example. Senator Dodd and Congressman Frank could start by standing on the mall and undergoing a Cultural Revolution-style self-criticism for enabling and encouraging Fannie and Freddie to insolvency, and for being silent while their well-connected executives took fabulous salaries while shoveling cash to their campaign funds. They should then resign and join a Trappist monestary, living out the rest of their days in silence while they contemplate and atone for their deeds while sparing us any further legislative mastery. In fact, all of Fannie's favorites could do some bowing and scraping.

Senator Grassley, a member of the taxwriting committees since the 1980s, could then step up to the platform to apologize, along with all of his taxwriting colleagues, for continuing to encourage overinvestment and overleveraging in the housing market through expansion of tax incentives for home ownership, home speculation, and mortgage borrowing.

Then, once the congresscritters who have made all of this possible stand up and take their own responsibility, then by all means bring on the executives. By then the crowd should be about out of eggs and tomatoes.

Tags: Grassley.