We get an announcement from Treasury Secretary Paulson that says he's scrapping the bad debt buyout and going strictly with buying up preferred equity in 'financials'.
Who knows how many firms of what stripe will be included? He dunno.
Awesome.
Trying to figure out the actual market value and so forth will take too long, he says.
Peachy.
He knew the TARP program as he'd laid out wasn't workable as it was being signed into law.
Well, duh!
So, is the guy flying by the seat of his pants? I'm thinking so, with potentially trillions in his back pocket.
I'm comforted...but are those clouds building in the distance?
He's buying time to see what type of fecal matter has the best adhesive qualities on a solid vertical surface upon horizontal impact.
Great plan...did you feel the wind pick up?
Combine that with car companies and a whole host of others clamoring for their bailout.
Storm's a comin'...I can feeeelllll it.
Add in a Democratically controlled government that is way better at bigger government, more spending, more taxes, and more unintended consequences...
hey, this boat ain't big enough for this.
As a proponent of government only big enough to handle the jobs its supposed to do, this is looking more and more like a perfect storm, with the taxpayers ill equipped to withstand the onslaught.
I think former Treasury Secretary O'Neill had it right on Cavuto's show about making Uncle Sam the guarantor of last resort, the back-up for whatever bad debt actually collapses. In terms of what has worked best, I think back to the Chrylser 'bail out' as it was called back in the Lee Iacocca "K" car days. The government never actually spent a dime, they just co-signed the note. A car company under good leadership worked its way out of it, all the better for the experience. Taxpayers off the hook. Good.
We're at a point of no return in this storm, folks. Either we're going to head for:
Who knows how many firms of what stripe will be included? He dunno.
Awesome.
Trying to figure out the actual market value and so forth will take too long, he says.
Peachy.
He knew the TARP program as he'd laid out wasn't workable as it was being signed into law.
Well, duh!
So, is the guy flying by the seat of his pants? I'm thinking so, with potentially trillions in his back pocket.
I'm comforted...but are those clouds building in the distance?
He's buying time to see what type of fecal matter has the best adhesive qualities on a solid vertical surface upon horizontal impact.
Great plan...did you feel the wind pick up?
Combine that with car companies and a whole host of others clamoring for their bailout.
Storm's a comin'...I can feeeelllll it.
Add in a Democratically controlled government that is way better at bigger government, more spending, more taxes, and more unintended consequences...
hey, this boat ain't big enough for this.
As a proponent of government only big enough to handle the jobs its supposed to do, this is looking more and more like a perfect storm, with the taxpayers ill equipped to withstand the onslaught.
I think former Treasury Secretary O'Neill had it right on Cavuto's show about making Uncle Sam the guarantor of last resort, the back-up for whatever bad debt actually collapses. In terms of what has worked best, I think back to the Chrylser 'bail out' as it was called back in the Lee Iacocca "K" car days. The government never actually spent a dime, they just co-signed the note. A car company under good leadership worked its way out of it, all the better for the experience. Taxpayers off the hook. Good.
We're at a point of no return in this storm, folks. Either we're going to head for:
- A solution that eliminates amorphodite entities like Fannie and Freddie.
- A solution that removes the onerous tax and regulatory environment that strangles business.
- A solution that replaces all that with required transactional tranparency, regulation that seeks to keep all the players in-bounds and on-sides, and serious, serious punishment for those that cover-up what they're up to and repeatedly go over the line. Hang 'em if you have to.
Or: More of the same re-arranging of deck chairs...
No comments:
Post a Comment