Friday, September 19, 2008

Bailout frenzy continues..

The news is that the Bail baby, Bail! team composed of the Federal Reserve and the Treasury are planning on coming up with the god of all bailouts. They plan still being worked out relies on the now familiar tactic of buying up large portions of toxic debt held by the banks using taxpayer money. This is good on several fronts. This way the companies that got to play and profit with exotic financial instruments are saved, the CEO's still get to take home their million dollar bonuses, very little regulation gets passed in the spirit of 'market knows best, stupid' and mainly ensuring that the common individual and taxpayer keeps getting screwed again and again.

John Updike, "Superman"

I drive my car to supermarket
The way I take is superhigh
A superlot is where I park it
And Super Suds are what I buy.
Supersalesmen sell me tonic
Super-Tone O, for relief.
The planes I ride are supersonic.
In trains I like the Super Chief.
Supercilious men and women
Call me superficial, me!
Who so superbly learned to swim in
Superphosphate-fed foods feed me
Superservice keeps me new.
Who would dare to supercede me

---From the New Yorker, November 12, 1955, p. 56

Oh, I forgot to mention the cost: The ranking Republican on the Banking Committee, Sen. Richard Shelby, said the U.S. has "been lurching from one crisis to another" and predicted the new bailout plan would cost at least a trillion dollars.

I wonder if Richard Shelby did one of those Dr. Evil type little finger in the corner of mouth routine as he reeled off these numbers...

1 comment:

JafaBrit's Art said...

So, we have become a nanny state for the rich gamblers ;)