Friday, July 1, 2011
Oops not title today?
These guys continue to amaze me how out of touch they are with reality. See if you can guess about the following statement:
"None of us want to see them go down, but very few of us had anything to do with the dilemma that they have created for themselves," Senator Mitch McConnell, the leader of the Republicans in the Senate, said on Saturday. "We simply cannot ask the American taxpayer to subsidise failure."
This was a statement by McConnell concerning the bail out of General Motors back in 2008. Once again the out of touch Wall Street corporatists are clueless. In their understanding of the necessity of supporting American business that actually supports the American economy they are blind to the realities of actually having to work for a living. Indeed we all know that after the GM 'loan' which has been paid back, the company has come back to post profits and thwarted yet more unemployment. And the very same statement could have been made about the Wall Street bailout but the difference there is that Wall Street produces nothing, no product only promises that as we've seen are worthless.
Care to buy some shares in my widget company? Only thing is that these widgets are only paper promises and that they have great value as long as the speculators keep the price high otherwise they aren't worth the paper their written on. Oh, forgot TP does have great value when there's nothing left but the cardboard tube.
And now that those constitutionalist wannabes who insist that everything is by the book are now faced with refusing to go by the book. But I think our president has a few tricks up his sleeve. And the last one involves an executive order where by he can dismiss congress and pass a budget without their meddling. It's a little known part of our governmental process. I'm sure he'd rather not use this approach for obvious reasons.
Well time is short for me today . Sorry no time for the friday beaver so maybe she'll show her puss tomorrow. And as usual bank fails later. Be safe.
Bank fails: None to speak of this week but for those keeping track I've counted 316 in just the last three years