Saturday, September 20, 2008

Marx, laughing

Finally, the US government (e.g., Paulson, Bernake, Bush, the various and assorted members or Congress et al.), have noticed that something is wrong with our economy. Their solution? Why, now that the financial sector is not only bankrupt, but in an unknown, but possiby catastrophic amount of debt, and now that those that looted the money are--where are they, anyway? Counting said loot on private islands? Writing opinion pieces for the NYT? Donating large sums of money to the GOP? Giving advice to the Fed? At the Fed?
The finance sector of the economy is, essentialy, being nationalized; this means that you and I, dear taxpayer, are being stuck with the cost, to the tune of 500 Billion to One Trillion Dollars according to the Treasury Secretary, Henry Paulson, whom, one would think, would be in a position to know. Just as an aside, he used to be former Chief executive for Goldman Sachs, with a net worth at around $700 million dollars. No pain for him here.

From Naked Capitalism, who actually reads the fine print in those bills in front of Congress:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Briefly, Paulson has totally free reign to pay off his bff's to the tune of, as already mentioned a ^%$#@'d amount of money. Lucky us. And, according to the current legislation, there is nary a thing we can do about it. What, you don't have his cell phone? Tough tookies. You're clearly one of the preterite, destined for hell, sooner or later. Sooner, I'm guessing. I'm not angry or anything.

Privatize the profits, nationalize the losses, as the saying goes. Thank you, President Reagan, Bush, and Bush. And a bit of a tip of the Chapeau to Clinton.

I say, let the bodies hit the floor.

Thanks to Hipdadiddy for the picure


Gritty Pretty said...

mutiny anyone?

so hey, let's move to kiwi-a-go-go (code for nz). a lot less scary, maybe.

i once met a very interesting richy rich man in topenga canyon who became his own sovereign nation. (i wonder if they'll revoke his sovereignty?)

djinn said...

Mutiny is so yesterday (talk like a pirate day and all.) Your richy friend had it right. I've been watching this happen since Reagan was elected waaaay back in 1980. Wonder what Apples go for these days. How much of your total calories can you guys grow anyway?