Bloomberg News, 3/17/09
This just keeps getting funnier & funnier. Unless, of course, you are a taxpayer like us and unlike so many of our Senators and our Treasury Sec'y. Grassley should go to work for the NY Post as a cartoonist.
I'm sticking with my earlier forecast of GM, Chrysler, and/or AIG bankruptcies by May, although I suspect they'd rather, and will, flush more billions & trillions down the drain instead. After all, what's more important, our tax-dollars or their sound-bites? Even Obama is now complaining about AIG's bonuses. First Chuck Schumer announces a run on the bank at IndyMac, costing taxpayers billions, then Chris Dodd tries to sink Citibank with his moronic "nationalization" comment, so why shouldn't a "community organizer" chirp-in? Well, guess what, Mr. Obama, a federal bankruptcy judge has the authority to nullify those employment contracts but you, the POTUS, does not. It's called "law" -- something that we used to at least pay lip-service, but no more. At least in 2012 he can campaign on the slogan, "Soft on terrorism but tough on AIG."
"Can't anyone here play this game!" -- Hello Depression of 2009.
Is there any question that my suggestion back in September -- and not in hindsight, would have worked? (That 'collateral is the contagion' and therefore the federales should step into AIG-FP's ISDA CSA's as the 'credit support provider'.)
JRB
3/17/09
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