The Emperor's New Clothes

Lawmakers Seek Geithner Help in Saving Obama Tailor
2009-05-15 Bloomberg News, By Nicholas Johnston

"U.S. lawmakers are seeking Treasury Secretary Tim Geithner’s help in persuading Wells Fargo & Co. not to liquidate Hartmarx Corp., the 122-year-old clothing company that has made suits for President Barack Obama. Representative Phil Hare said yesterday that more than 30 members of Congress, including House Financial Services Committee Chairman Barney Frank, will join him in asking Geithner to pressure Wells Fargo to entertain bids for the bankrupt company instead of closing it down. The lawmakers are drafting a letter with the request."

Well, why not? Once we 'crossed the Rubicon' into 'industrial policy' or economic 'national socialism' things like this became inevitable. Paulson tells Lewis to violate federal securities laws (Rule 10b-5), then we have the nationalization of the banking sector, AIG, GM, Chrylser, ... and now a tailor.

Perhaps this was not instigated by the White House but rather an act of fealty by his liegemen. After all, the courtier who anticipates, rather than simple responds to, his monarch's whims is the one who rises to the top. Wells probably won't need to foreclose as HartMarx will sell-out their inventory -- because no one will be seen 'at Court' wearing anything but. Buy stock, too, in his cobbler & haberdasher. And God help the foolish banker who forecloses on Michelle's favorite couturier!

As I said in 2006, 'the Republicans have failed to govern, but the Democrats will not fail to rule.' The last election probably was The Last Election. Let's hope not, but "the barbarians are inside the gates". Has the Republic fallen? We are certainly in it's decline.

JRB

5/15/09

P.S. OK, so I slightly conflated Caesar (Rubicon) and Hannibal (barbarians). Call it a "volitional solecism".