On the Origins of Big Bank Failures

I love the way this guy writes. Especially this tidbit:

Note to government: Private and public enterprises are different species. You can cross a common ass with a thoroughbred mare if you like, but you still only get a mule. And male mules, as a matter of evolutionary interest, are always sterile, as are most females. Asses.

http://dailyreckoning.com/on-the-origin-of-big-bank-failures/

False Outrage from Washington over AIG

They are lying to us! They have known about these bonuses for MONTHS! This is just to keep you from seeing that 62BILLION of the money they gave AIG is going OVERSEAS!!!

http://www.nypost.com/seven/03182009/news/columnists/spare_us_your_fake_fury__dc_hypocrites_160098.htm

At least some of the Repubs are calling them to task for their part, i.e., Dodd, Bernanke and others:

http://www.humanevents.com/article.php?id=31121&page=1&viewID=824047

Don't be distracted by AIG

Barney Franke and his buddies have known since day one that these bonuses were going to be paid. In fact BF worked the rules to enable the payments. The shock and disbelief is all for appearances. These bonuses were written up last year, presented before AIG accepted the bailout money and are contractually legal.

TRUST ME we do not want the government having the power to set aside contracts. That is a dangerous road people, don't give them that power. As much as it hurts to see AIG get the bonuses, we are stuck with it. Move on to the real issues, BILLIONS going in all directions.

401K Bailout?

There is talk of the government taking over all 401K accounts, returning their value to August 2008 levels and when time to check out, you get 3% earnings added.

Oh hurray you think, that is a wonderful idea! STOP! Think about this.

That is one step away from the government taking over them for their use. Will the money be there when you need it? Oh they wouldn't do that you say? They did it in Venezuela.

And what else is wrong with this brilliant idea? I don't have a 401K. Lots of people I know don't have 401K's. But we will be paying to subsidize YOUR account! Sorry guys, love you long time, but I DO NOT want to pay for your 401K!!!!!!!!!!!!!!!!!!!!! Got it?

They are buying votes, pure and simple. Come 2010, all 401K holders will be expected to help keep them in office.

This sucks.

We want our money back!!!

They either don't know or won't tell us how the money was spent. Wasn't that one of the conditions to receive a bailout? How can they have the audcacity, the arrogance to say they will NOT provide an accounting?

http://news.yahoo.com/s/ap/20081222/ap_on_go_ca_st_pe/meltdown_secrets

We have been screwed. We should DEMAND our money back, what money hasn't already been wasted.