“When Washington Mutual goes down next week, or the week after, should that big government snotty nose wiper known as the FDIC play its role and make small depositers whole, or should we be left to wipe own our snotty accounts?”
Yes, you know WaMu, that’s the bank with the branches at Lakeside Village and the Winn Dixie shopping center in the Lakeland Highlands, with cute, hip interiors, complete with video games for the kids.
Depositers, otherwise known as people with accounts under 100K, shouldn’t be affected, thanks to the FDIC, otherwise known as the government. Investors and bond holders not so much. “Wiped out,” according to the NYT.
Lord, what will we nationalize next? Best Buy? Maybe we can all go work on flat screen-producing kibbutzes or ashrams. Arise, ye techies, and unite.
Meanwhle, Sarah Palin has the following to say about the proposed bailout:
COURIC: Why isn’t it better, Governor Palin, to spend $700 billion helping middle-class families struggling with health care, housing, gas and groceries? … Instead of helping these big financial institutions that played a role in creating this mess?
PALIN: Ultimately, what the bailout does is help those who are concerned about the health care reform that is needed to help shore up the economy– Oh, it’s got to be about job creation too. So health care reform and reducing taxes and reining in spending has got to accompany tax reductions.
Yes, reducing taxes must be accompanied by tax reductions. And health care reform. Always.
Has everyone gone insane? Am I insane?
Did I really write a politico/economic blog post and not mention the fact that Barack Obama will be debating himself tomorrow night? Or that our dear leader/almost finished president held a “bailout summit” today, bringing together all our major political leaders apparently in the service of torpedoing the very deal he brought them in to agree upon? Or that John McCain said he was suspending his campaign and then never made a pretense of suspending his campaign?
Reality is enduring its apocalypse. What happens when words and phrases become utterly untethered from the hint of meaning? Man, if the Lorax of empiricism were here, it would be time to lift his furry his little behind.