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Greed is good.
Amazingly, our credit is still good. Well, not me or you mind you, but Uncle Sam's.
Paulson, former CEO of Goldman Sachs, was the brain trust behind this particular bailout, and the switching of rules to allow outfits like his former business to qualify for TARP by becoming bank holding companies. Now, the Rubinites are following him into the next administration?
Cheeeez. Pillaging has never been so easy.
COLUMBUS, Ohio (AP) -- Democrat Mary Jo Kilroy came from behind Sunday to snatch a central Ohio seat from House Republicans after elections officials tallied provisional ballots. Kilroy's victory by a little more than 2,000 votes over Republican Steve Stivers put the 15th Congressional District seat into Democratic hands for the first time in 42 years after the retirement of Republican Deborah Pryce.
Here's something else to consider. That same logic applies equally to the auto industry. Let's say, as it now appears, that the Democrats successfully engineer a 'bridge loan' (a term I find terribly disingenuous) for the "Big 3" auto makers. In the words of Wisconsin's immortal Ernie Von Schledorn, "Who do ya know vants to buy a new GM?" You cannot take the blood out of the water. The damage has already been done. If you put Ford, GM and Chrysler on the welfare roles today, they will be there at the end of the Obama administration. You really think $34 billion will turn these 3 into a highly profitable industry? Do you believe the world will beat a path to GM's door ANYTIME IN THE NEXT 5 YEARS? Even old Ernie knows that if it were that simple, investors would be punching each other in the face to throw their money at GM. How many $34 billion 'bridge loans' are you prepared to give these folks on the basis that they are just too big to fail? Think long and hard about that because I'll guarantee you that one loan is not going to be nearly enough. And each time the pigs return to the trough, you can bet that profitability will be "just around the corner". Just one more injection of capital and all will be right with the world.
Still, as long as China continues to accept our post dated checks, I suppose we can sustain our collective delusion.
Too bad. Maybe by the time you're 50 or thereabouts you'll have your democracy back, but I doubt it. In fact, I'm willing to bet it'll get much worse. Freedom to travel, associate and privacy? You can kiss your 1st Amendment rights good-bye. Its IT time.