Michael Moore calls out Rep. Paul Ryan’s bank bailout bluster

By John Nichols / Capital Times

Wisconsin Congressman Paul Ryan is one of the stars of Michael Moore's new movie, "Capitalism: A Love Story."

But you can bet that the conservative from Janesville is hoping that none of his constituents sees his performance.

In a section of the critically acclaimed examination of how Wall Street insiders diverted hundreds of billions of tax dollars into their accounts, Moore illustrates how the bailout happened. Democratic and Republican members of Congress who do the bidding of the bankers scared their colleagues and the American people into approving a massive bailout of the speculators whose misdeeds created the financial meltdown that shocked the nation in September 2008.

Ryan, the Republican congressman from southeast Wisconsin's hard-pressed 1st District, is shown playing the fear card by telling the House that it had to steer almost $800 million to Wall Street's sleaziest players.

"If we fail to do the right thing, heaven help us - if we fail to pass this I fear the worst is yet to come," claimed Ryan.

statement from the Wisconsin Republican who has positioned himself as a budget specialist in the House played a significant role in securing support for a bailout bill that had not been adequately analyzed and that included few protections against fraud.

Had Ryan used his reputation and his role on key committees to aggressively oppose the bailout, he might have blocked the rush to judgment that economists now say could end up costing American taxpayers trillions of dollars - and a big chunk of their country's future.

Instead, the GOP establishment's favored point man on fiscal issues claimed - without benefit of facts, figures or any grounding in economic reality - that a failure to give the bankers everything they were asking for could bring on a depression.

"This is a Herbert Hoover moment," Ryan told the House, as he reached a fear-mongering crescendo. "(Hoover) made mistakes during the Great Depression - let's not make those mistakes."

It was a virtuoso performance. Moore was right to highlight it.