Saturday, April 11, 2009

Fear of Failure

When the Fed, through JP Morgan, bailed out Bear Sterns, Timothy Geithner rationalized that the potential failure could hurt America. He stated "(a) failure to act would have added to the risk that Americans would face lower incomes, lower home values, higher buying costs for housing, education, other living expenses, lower retirement savings and rising unemployment. We acted to avert the risk in the classic tradition of lenders of last resort...." I'm sure he and Paulsen and the other members of the Goldman club then patted themselves on the back for a job well done.

Sooooo, where the hell were these guys last summer when the price of gas doubled? Seems like that had an impact on our income and expenses. I forgot. No one is watching that store. To busy funneling bailout money to their buddies I guess......

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