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Tuesday, September 23, 2008

"Bail-Out Overview" by the Kung Fu Monkey, and others.

Kung Fu Monkey: Bail-Out Overview:
"Let us be perfectly clear: somewhere between $700 billion and $1.8 trillion of your tax dollars are going to bail out companies that are in trouble because the rich smart men who ran them made bad decisions. Bad decisions they could make because they were not regulated -- there was no oversight. There was no oversight because they insisted oversight would hurt the economy.

I'm betting it wouldn't have hurt it $700 billion worth.

Those rich smart men will now retire with hundreds of millions of dollars in bonuses, while you pay for their mess. For bonus points, the text of the bailout act states that there is no oversight over the funds being distributed. Which, as we've seen, works out so well.

In the past, capitalism punished bad decisions. No longer. So, we can socialize the national banking system, but not health care. Aces."

Buy My Shitpile: Hey Washington, can you buy my bad investments, too? - Boing Boing:
"With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their 'distressed assets', i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government. We need your help and you need the Government's help!

Use the form below to submit bad assets you'd like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD 'MMMbop', it's not what you can sell these items for that matters, it's what you think they are worth. The fact that you think they are worth more than anyone will buy them for is what makes them bad assets."

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