Fundamentally Sound

Poor Paul Kangas, the old guy who does the nightly business report on Public Television, looked like he had EVERYTHING invested in Lehman stocks as he delivered the bad news. They paraded a few "experts" with wildly differing prognosises, but all sharing one thing in common. When asked how bad things might get, none of them had a clue. And very frankly admitted as much. Will AIG find enough capital? Will Citigroup be the next casualty?



Too bad they didn't bring Phil Gramm (Mc Cains chief economic advisor) or Jim Leach on to explain the Financial Services Modernization Act which they co-authored and Big Bill Clinton signed into law. They could have told the viewing audience how much lobbyists paid them and the rest of congress to legalize their new get rich quick schemes. Where was the head of the Senate Finance Committee, Montanas own Smilin Max Baucus? There were some efforts to exhume the corpse of Milton Friedman but they settled on an interview with corpse-like ex Fed Chief Alan Greenspan who said he has never seen so much shit hit so little a fan. There is a spectacular struggle to explain the "crisis" while supporting the market system as such. Mc Cain has jumped on the familiar bogey men of "greedy people " and " bureacrats". Remember when they could blame "the Jewish Banking Cabal"? Not so politically correct now , I suppose.

Wednesday update: Now it appears the Socialist Republic of America owns yet another financial services / insurance firm, AIG. This is wonderful news and I'm waiting expectantly for the social product to add to our "way of life". Our Nationalization Program is keeping pace with that of Venezuela. The Bolivarian Revolution comes through the back door! Viva La Revolution!