Friday, September 12, 2008
Nanny state comes to the rescue of Lehman?
The mighty bastion of free market capitalism the US, has always sniffed at coming hat in hand to drink from the public trough. For others, not for them. Well, 18Brumaire thought Lehman would fold by 1q 2009, wrong! Its books are soggy with subprime mortgage debt; its shares have fallen in price; and its lost the confidence of the financial community. And to the rescue comes the US government as White Knight to bail them out a la Bear Stearns. It is good to recall the immortal words of a banker who during the severe debt whip lash the big boys on Wall Street had from foisting unsollicited loans on Latin American governments in the 1980's, when we're making it money, get the government off our backs! but when we're in trouble we come with a cup in our hand for the dole! It's no different 30 years later! The whole system is rotten to the core and Herr Bush's minions haven't the slightest klew as to what to do other than load on the taxpayers' back trillions more in debt. Which tub boat captain McCain thinks is simply divine and Palin the work of her gods.
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