I find it singularly ironic that that stock market would party like it's 1999 at the prospect of the greatest mis-allocation of capital in history, as they rub their hands that hundreds if billions (the down payment) will be launched into the Black Hole of our financial toxic instrument industry.
Truly incredible.
Seriously, wouldn't it make more sense to print up a couple trillion and just put it in a brand NEW bank that GMAC, credit unions, Citibank, and whomever else has borrowing needs can use rather than dump all that cash on the crap banks that want bailing out? Let them go into the black hole, close other bad banks, but create this one, new, extremely healthy bank to use.
Be upfront, instead of assuming that the pig men who got us into this mess will take all that taxpayer money and then, NOW, suddenly, do the right thing. Are "YES" voters smoking crack?
So Wall Street applauds this opaque and incomprehensible bailout.
And yes, I assume at this point that we will be sold down the river. Yet... every day it does not pass is a another day that perhaps some non-idiot in Congress will come up with a alternate plan.
But on the freak chance this plan is defeated, just elect McCain -- he said he'd bypass Congress so you'd get your bailout soon anyway. |
