I see Paulson finally got his bailout bill passed, with an extra $100 billion thrown in, just as I suggested, yesterday. I guess that means every young hotshot on Wall Street will be shaving his head and buying a pair of Henry Paulson Flower-Child glasses, whether he needs them or not.
The bill is a stunning example of America’s “Can-do” spirit as first promulgated by the General George Armstrong Custer School of Management Efficiency.
Trust me, as soon as the global market sees that $800 billion charging down the hill with flags flying, bugles blaring and rifles blazing, they’ll lay down their arms and surrender, but not without some sour grapes. As one writer groused:
That the US is opting to bailout its bankers rather than allowing the market forces it championed during the Asian financial crisis to determine the value of its debt-ridden assets represents more than an extreme case of moral hazard. Rather, it undermines global faith in the capitalist model the US once promoted, and from a Southeast Asian perspective, marks the end of what now seems a highly hypocritical US-led era.
Someone should explain to this writer that hypocrisy is the cement that holds our democratic republic together.