A FUNNY THING HAPPENED ON THE WAY TO THE BAILOUT
TWO HEADLINES FROM THE SAME NEW YORK TIMES:
October 5, 2009
Report on Bailouts Says Treasury Misled Public
By LOUISE STORY
WASHINGTON — The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks.
October 5, 2009
Program to Buy Bad Assets Nearly in Place, U.S. Says
By EDMUND L. ANDREWS
WASHINGTON — The Treasury Department said on Sunday that its scaled-down program to help banks unload their troubled mortgages and mortgage securities would begin operating at full strength by the end of this month, more than a year after Congress authorized $700 billion for that purpose.
Things have gotten so cozy once again, that Alan Greenspan actually appeared on a weekend talk-show–something with that Greek guy, George Stephanopoulos. It was sort of like watching Henry Kissinger or Dick Nixon rehabilitate themselves–the caretaker Fed Chairman returning to the scene of the break-in.
Proof that irony is not yet dead.
Anyone been around yet to take any of your personal bad assets off your hands? I thought not.
Not to worry. The future belongs to us little dogs, once the big dogs have had their fill and they’re all nuzzling their way up to the food-bowl. Another fifteen million or so lost jobs down the road, things may turn, begin to trickle-down.
Meantime, that trickling feeling is just sweat. The same sweat you experience when three very large guys approach on a late-night deserted street and they all begin to fan out.
Like I said, relax.