Wednesday, October 01, 2008

Credit Crunch Crazies

Our economy may not be strong, but compared to our politics, it is a freaking dynamo.

Today the Senate will vote on a bailout bill that has been enhanced to appeal to rebellious House Republicans. I haven't seen the details but from what I have read, it sounds like Harry Reid added a sliced pickle and some dijon mustard to the crap sandwich.

How inspiring.

I agree with those who say the credit crunch is threatening to deepen and lengthen the current recession, and that the prudent thing is to restore faith in the soundness of our financial markets by injecting capital into key financial institutions.

A sensible and prudent way to do this was defined for us by Warren Buffet, who invested $5 billion in Goldman Sachs. He didn't buy their mortgage-backed securities or derivatives; he bought preferred stock and warrants. By all accounts, he got a very good deal.

Why should we settle for less?

And why is it that we can borrow $700 billion from China for Morgan Stanley and Goldman Sachs, and give the richest Americans huge tax breaks, but we can't afford Social Security? Where is the equity in this deal?

I'm with Dennis Kucinich on this one - this deal sucks.

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posted at 8:07:00 AM by Neil

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