Yay! $20 billion more of our tax dollars to bailout MBAs and Captains Of Capitalism who don’t know how to run a profitable business.
WOOOT.
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So, let’s say you’ve gone through a rigorous hiring process and now you’re the CEO of one of the Big 3 automotive companies. What, in a rational world, do you do? You look at the finances, you match that up with market research and listen to what I assume is a bunch of supposedly smart [...]
This whole thing is to prop up MBAs who don’t know how to run a business so that down the line they can fail and get bailed out again. Just let these companies fail and spend the billions on the people who are affected.
At first glance that’s how this sounds to me.
Treasury Secretary Henry Paulson is working on a plan that would set up a government facility to take on bad debts from financial institutions, preventing a worsening of the global credit crisis, Wall Street sources have told CNBC.
The facility would be similar to the Resolution Trust Corporation, [...]
When I first saw that John McCain was pushing failed CEO Carly Fiorina as his frontperson on business/economic issues I figured it was a little weird. There are a lot of successful business/CEO types who are happy little soldiers for the GOP, I can’t for the life of me figure what the upside of picking [...]
Remember this from 2001?
In the wake of last week’s terrorist attacks involving hijacked airplanes, Congress Friday passed a measure for a $15 billion financial aid package to help the crippled airline industry and set up a government compensation fund for victims to help deter lawsuits.
The House approved the measure late Friday night, 356-54. The Senate [...]
I was thinking about this but then someone actually did the work. One of the major issues I wrote about on this blog back after 9/11 was about the free money congress and the president handed to the airlines. Just let them die. Trust the market, and let them die. I fear that my sentiments [...]
Insane.
Big Wall Street investment companies are taking advantage of the Federal Reserve’s unprecedented offer to secure emergency loans, the central bank reported Thursday.
The lending is part of a major effort by the Fed to help a financial system in danger of freezing.
Those large firms averaged $13.4 billion in daily borrowing over the past week from [...]
Wall Street and the right want to eat their cake and have it too. They want vital financial institutions to be left alone, given free reign to do as they wish - but when they screw up and cause a ripple effect throughout the economy they come running to the government for a no-strings-attached bailout.
Eh-eh.
You [...]
The free market is no good if there are no rules.
I fail to understand what the purpose is of the free market if we’re going to engage in socialism and bail out companies like Bear Sterns who claim to be masters of capitalism. This reminds me of the free money the government gave to the airlines after 9/11 that they subsequently used to make their [...]
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