“Drill, baby, drill” is to slogans as Bull’s Blood is to
wine and “subprime” is to finance. A risky proposition. Duh. It says so right
there in the name. Who would care—or dare—to drink the blood of a bull?
The
same people who want to drill, baby, and who bet that “subprime” will suddenly
translate to “above par” as soon as they pour their money down that drain of
wishful thinking.
What is going on with these people? Don’t they know that
“subprime” means “not good,” as in, “bad”? Or consider the similarly risky
mortgages called “liar’s loans,” as if “subprime” might be a shade too subtle.
Hell bent though it is on screaming toxicity, that name seems to have had no
deterrent value to investors. To the contrary, it attracts them like a promise:
the worse for you it sounds, the merrier will be its consumption.
I'm not entirely sure what to call this particular quality of delusion. Hypocrisy springs to mind. After all, the “Drill,
baby drill!” folks like to preach personal responsibility without necessarily
taking it. If you can’t find a job, it’s your own problem. You need to take
personal responsibility, not government handouts. If you’ve got black skin and
the sinking feeling that it’s hampered your progress through both corporate
America and airport security, why, that means you’re not taking personal
responsibility. It has nothing to do with discrimination. You lost your weekend
home in the Hamptons betting on a “subprime” mortgage? WAIT A MINUTE! THAT’S
NOT FAIR! I WANT MY MONEY BACK!
Bobby Jindal, the Republican governor of Louisiana, is a one-man
illustration of what happens when you adhere to high principles only when they
don’t apply to you. From Andrew Leonard’s article at Salon.com, the headline
read, “Bobby
Jindal's oil spill crisis of faith,” and, below that, “The principled stimulus foe changes his mind about the
evils of accepting government assistance.” The article detailed Jindal’s
“principles,” which, as you might guess, involve personal responsibility when
it comes to unionized auto workers in Detroit and homeowners in Nevada
struggling with underwater mortgages. Contrast those deeply held principles to
Jindal’s howls for federal help with his own state’s water problem.