Sunday, February 8, 2009

Future Wealth

Is anyone following the efforts of our leaders to bail out the banks using the future wealth of an entire generation? I've read that the new initiative should be referred to as the 'Bad Asset Resolution Fund' or BARF for short. I believe this calls for tee-shirts for Linnea, Julia, Sofi and Sam that say "I spent a trillion on bad assets and all I got was this lousy tee shirt".
All solutions stink, but from what I'm reading the correct way to do this is to nationalize the insolvent banks so the taxpayers get something for their money. Remember, trying to save the shareholders is helping the same guys that gave themselves millions of bonuses with the last bailout money.
The gumment is saving the bailout details until after the stimulus bill passes so we (poor dopey public) won't won't have to focus on two things at once.
UPDATE: The Obama administration’s plan to stabilize the financial system no longer includes creating a "bad bank" but will still contain measures to encourage private firms to buy up toxic assets from financial institutions ...


Janey said...

I think the t-shirts can go global

Lynnis said...

Sounds like the same old $h!t to me

Bill said...

i am all for nationalizing banks, but i am not worried about this thing lona worries about, saving our necks by loading debt onto our descendants. why not?

1. i am sixty-two! as nelson would say, HA ha

2. suppose lona lends me a dozen eggs, and then i come by and leave off a wedge of the most delicious cake. that is what it is like, a dozen eggs. dozen eggs, $2,000,000,000,000, what's the diff?