Saturday, October 4, 2008

Wall Street makes a fashion statement.

Dear George,

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.

Your admirer,
Belacqua Jones


Anonymous said...

Hi Case excellent post us usual.I had a thought that the reason there is so little discussion on your blog is that there`s not a whole lot to say except,"That`s right Man,that`s exactly right".Enough said.But I don`t think a little encouragement could hurt anything.Later

Case Wagenvoord said...

Thanks for stopping by. Much of it is self-evident.