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Sadly, for three years running, not much needs to change. Not much has changed in the intervening time. I suppose I could say something about QE2 and fears of deflation as commodity prices soar. I might say what we learned about the original TARP, which was as much of a bailout of European banks as American ones. I might say a bit about Obama “sacrificing good economics on the altar of politics” for allowing taxes to not rise. And much more. But without further ado, here is a rerun of a parody of a classic.

… and all through the land

consumption is slowing,

and investors are scared.

The stockings were hung

by the chimney with care.

In hopes that St. Government

soon would be there.

The unions were nestled

all snug in their beds,

Knowing that Congress

was firm in their stead.

And governors in their pockets,

and school districts too,

secure in the knowledge,

that they’ll stick it to you.

When out in the statehouse

there arose such a clatter,

citizens sprang to their laptops

to see what was the matter.

Away to their blogs

they flew like a flash,

tore open their e-mails

and kept open their cache.

The moon on the breast

of the new fallen snow,

but we’ve spent so much,

that we can’t even plow.

When, what to our wondering

eyes should appear,

a corrupt IL governor,

more taxes and fear.

With a wonky Fed chairman,

who knew not what to do,

we knew in a moment,

that he’d screw us too.

More rapid than eagles,

the new programs came,

And Bush whistled and shouted,

and called them by name.

Now TARP, now bailout,

Now stimulus checks,

Down funds rate, more taxes

who knows what is next?

To the top of the Hill

To the top of the Wall

Now bail away, flail away,

spend away all.

As I drew in my head,

and was turning around,

the lobbyists on K street

stormed with a bound.

They spoke like fine preachers,

on the radio and news,

with a message so tarnished,

most Americans refused,

their scare tactic stories,

broken windows gallore,

but our governments relented

and broke even more.

Justifications abounded

New Ponzi’s in jail,

Heck even my belly

is too big to fail.

Home prices still falling

our belts are pulled tight,

well except for the folks,

who live for election night.

They’ll raise taxes on soda,

on beer and on cigs,

as their budgets expand

like a holiday pig.

A wink of their eyes

and a twist of their heads

Soon gave me to know

There’s even more to dread.

They spoke not one truth

but went straight to their work

Of filling their coffers

off of all our hard work,

Expanding school budgets

and public works too.

which would really be nice

if it was truly new.

But our schools and our roads

will continue to crumble

’cause funding’s not the problem,

it’s government bumble.

So Obama will come

and he’ll spend even more

while folks will be duped

that this is not like before.

The crisis will deepen

but someday will end,

and government will continue

to be viewed as godsend.

The Feds own the banks,

Fan, Fred and AIG,

and regulations extending

well into the seas.

And so long as we think,

wealth comes from Santa’s flights

or enlightened politicians

we’ll kiss freedom good-night.

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