Uh... weren't we supposed to be bailing the economy out or something?
So here we are, the Monday after the bailout finally passes, and what do I see? Oh, is that a 600 point drop in the Dow? And the market is going to close below 10,000 points for the first time in four years?
Do you pay taxes? Congratulations. You've been scammed.
I'm not claiming to be an economy expert, but I like to think I can spot a scam when I see it. And when the former
CEO of an investment bank pulls an
enormous amount of money out of his ass and says, "We have to give this money away to the banks RIGHT NOW WITHOUT THINKING ABOUT IT OR ELSE THE ECONOMY WILL EXPLODE ZOMFG!!" it sets off a red flag or two.
And also listen: I'm not saying that a bailout was not necessary, or that it won't help in the long run - I don't feel qualified to make that statement. The problem is, and has been from day one, the way the conversation changed in one week from, "The fundamentals of the economy are strong" to "We need to give out $700B immediately or we are all doomed" that makes the whole thing smell like yesterday's diapers. Why the rush? Clearly it hasn't changed anything.
PS: did you know that George W. Bush is the first president to ever have an MBA? It's true. Time even called him the
CEO President. Good times.
