Wednesday, September 17, 2008

It Would Be Illegal If You Did It

So the Fed decides that it has a hankering to buy an insurance company. Of course the price for a failing company isn't an issue when you can just go to the basement and print yourself up 85 billion dollars to complete the transaction:
Over the weekend, federal officials had tried to get the private sector to pony up some funds. But when that effort failed, Fed Chairman Bernanke, New York Fed President Timothy Geithner and Treasury Secretary Paulson concluded that federal assistance was needed to avert an AIG bankruptcy, which they feared could have disastrous repercussions.
So no one in the private sector wanted to put their money up for this turd of a company, but our illustrious elites in government figured it was a steal for the U.S. taxpayer? Those three idiots should be sent to jail for pulling a stunt like this. And where is the press outrage? Americans HATE insurance companies and I'm sure not too many of them would be pleased to know that they now own a piece of what amounts to be a glorified, yet failing, gambling operation, from Steyn:
Old-school socialist nationalization generally involved governments owning industries that actually produced something - a coal mine or an automobile. But there's something almost too creepily apt about the United States government now being, literally, one of the planet's biggest insurance companies.
Indeed, if I picked up the paper and read a generic headline that said 'Government Prints Money to Save National Insurance Company', that I would figure that I would be about to read an article about the latest adventures of Hugo Chavez or something.

In other fun news, Bush and his congressional enablers decided that it would be a good idea if the U.S. taxpayer purchased Fanron and Fredron. Now good accounting practices would have the full scope of the liabilities of our acquisition put on the books, however since Bush can't be sent away for twenty years like Ken Lay, he decided to leave the liability off the books. Why is that? Well because it would increase the national debt by 50%!!

Again, where's the outrage by our elites, I thought they hated Bush? Here the government has added more than 5 TRILLION in liabilities to the government books while the business cronies from Fannie Mae and Freddie Mac who orchestrated this failure get golden parachutes. I guess our illustrious press is too concerned with going after a government official who tried to fire a policeman for tasering her nephew.

What am I missing here? Was Enron's only offense that it didn't hire enough Democrats and didn't give enough money to the DNC?


Xperteas said...

"Of course the price for a failing company isn't an issue when you can just go to the basement and print yourself up 85 billion dollars to complete the transaction"

you hit the nail on the head, its the tax they don't want you to know about!!!

man you don't get many comments anymore... that sux.

Evil Sandmich said...

Hey, how's it goin? I thought your computer using days were over :-)

I know from the log that I get my same steady stream of readers who are kind enough to donate their time to read my rants, but what can I say? After I say something, what's left to be said?

Xperteas said...

my computer using days will never be over... lol. I've been repairing computers out here on the side. (about 10 - 20 hours on month) plus I can't get over playing Warcraft III

"After I say something, what's left to be said?" full of youself eh? lol thats ok, me too