Monday, September 29, 2008

Bailout Bailout

My father called me yesterday and he sounded frightened that the bailout might not materialize. As he drove along and talked to me, he ran out of gas. I thought I was off the hook, but he called me back once he was at a gas station and continued the conversation. I'm pretty anti-bailout, so I didn't really enjoy the conversation.

"But wait a minute, A Random Stranger, didn't you argue in favor of bailing out AIG a couple weeks ago?" Yeah, I favor limited, targeted bailouts that are designed to stop the spread of financial problems from the sources to innocent parties. That's not what this general bailout does. (And I hate how the government isn't even shying away from the term "bailout.")

I was watching the vote on my computer at work when nature called. I left my computer with the motion well ahead. When I returned, it had failed. I was secretly pretty pleased. I know my father is probably crying in a corner right now, but maybe he should have paid cash for his house like he could have, instead of taking out a mortgage and playing the market with the money.

This much we can all agree on: Kramer on "Morning Joe" is so much easier to take than Kramer on "Mad Money." He's arguing in favor of the bailout, but then he acknowledges that provisions against exorbitant executive pay will keep banks from participating. They'd rather have their businesses fail and their customers lose all their money than restrict their pillaging. I know he's anti-Chris Cox and anti-short selling, but this Swiss dude in the Journal today argued in favor of short selling. And I stand by my earlier statement that whoever that broad is on "Morning Joe" just destroys the quality of the program by about a billion percent. (Wikipedia break: she's Mika Brzezinski and she's the daughter of the Polish dude in the Carter administration. I KNEW I didn't like her!)

1 comment:

JT said...

Hurray for the 'no' vote... I hope that nothing passes just so that we can watch not much happen. Crisis schmeisis!