Saturday, September 20, 2008

Oh, for 6% in an F.D.I.C. Insured Account

Nice work by the captains of industry. Nice going by the masters of the universe. Nobody even undertood how their complicated instruments that are now known as "toxic assets" worked.

I know, hang on, hang on... Be in it for the long haul. It'll come back. I'm sure. What else can you do at this point?

But how many people from Main Street really wanted to be on Wall Street to begin with? There will always be those types, of course, like the ones who call Jim Cramer. Most of them really had no choice, though, but to take on the risk of carrying securities. I'm thinking that most of them, if they could have had even a decent single-digit rate of return, would have preferred their savings to be in a bank. One like the...

Dawes, Tomes, Mousley, Grubbs Fidelity Fiduciary Bank

Here, as shown the link above, is Mr. Cramer losing it over a month ago...


cowboyangel said...

Like the movie clip. It amazes me that Paulson has the gall to push himself as the single person overseeing this bailout when he was at Goldman Sachs for thirty years and was its CEO until 2006 when he became the Treasury Secretary. Why should we allow a guy who should've seen this coming at Goldman Sachs and didn't be the sole un-reviewable king of our trillions dollars in tax money?! These guys are truly incredible.

cowboyangel said...

On a different note, off-topic - sorry: I was about to email you on Monday morning and make fun of your football team. Then, I remembered that my football team was playing Monday night and I didn't have a good feeling about the game, so I decided I should probably wait and see the results before I embarrassed myself.

Still, we got our asses kicked by a team that played in the AFC Championship Game. You got your asses kicked by a team that went 1-15. So I at least can revel in that minor detail on an otherwise dismal weekend.

But, really, what happened, Jeff? Cassel doesn't play defense. I've always admired Belichick for his incredible ability to make adjustments during a game. How could they run the same play on you guys four times?!?!?

I may switch my primary allegiance to Dallas or Denver. At least they're fun to watch! Even if I'm suspicious of their defenses.

Jeff said...

Shame on you. William! You're playing the blame game! Didn't Paulson say there was plenty of blame to go around? Now the same guys who got us into this mess are going to get another 700 billion to play around with.

I know how the legislation will work, too... It'll be just like Sarbanes-Oxley. Guys like me will have to sign off on everything in triplicate, sign away our first-born childen for every damned thing we do, and answer to unaccountable auditors who were the same people who told these guys HOW TO CHEAT AND LIE ON THEIR BOOKS TO BEGIN WITH!

And speaking of blame, I'm still hearing from people who blame all this on the "deadbeats" who never should have been given mortgages to begin with. OK, but what about these companies that bundled all these loans up and sold them off over and over, and the companies that gave these so-called assets AAA credit ratings!?

If the Democrats can't win this thing, this time, there really is no hope for the future. None.

You know, if so many people weren't in danger of losing their jobs over this, I'd say let's go with no bailout. Why let the libertarians and the neo-cons off the hook with their ideological arguments somewhat intact once again? I'd almost like to see people reminded of what real laissez-faire capitalism can look like.

The Patriots? They looked so bad because...

They're free! Free falling!

Free falling, now they're free falling... Free falling, now they're free falling...

They are very much in the same kind of shape as the economy, and Belichick may be as unable to steer the ship at this point as Bernanke. It's ugly. Very ugly.

I wouldn't get too cocky though if I were you, Cowboy. The Jets still stink. What did you think of that onside kick call by Mangenius the other night?

I think rooting for the Cowboys will be the best option for you this year. That's a real division they are playing in, too.

cowboyangel said...

If the Democrats can't win this thing, this time, there really is no hope for the future. None.

Oh man . . . I would never in a million years base my sense of hope in the future on the Democratic Party. You are just begging for one miserable, depressing future. :-)

Go Mondale! Go Dukakis! Go Gore! Go Kerry!

Dude, they're like the Detroit Lions of politics. (Well ,okay, that's a little harsh, considering the Lions haven't won sine the 1950s. they're more like . . . the Jets of politics.)

Jeff said...

The Jets of politics. :)

I see what you mean, but we've gone from the Democratic Party of weak candidates running in times when we've had the appearance of a strong economy, to a pretty strong candidate running in a time of real economic calamity. I do expect to see a difference this time out.