Now that every taxpayer the country is part owner of Bear Stearns:
CNBC’s Steve Liesman reports on a letter from Treasury Secretary Paulson to New York Fed President Tim Geithner. In the letter, Treasury agrees that the Fed can bill Treasury for any losses from the Bear Stearns deal.
This is where someone gets to explain to me that I am wrong to be pissed about this.
*** Update ***
If you need something to cheer you up, the second chapter in The War Journals of Hillary Clinton, named Sunday Bloody Sunday is up:
After a few moments the Irishman straightened and began surveying the aftermath of the battle, a slightly ill expression stealing over his face. For all his considerable talents, the singer had never had the stomach for wetwork.
“Does it ever bother you?” he said softly. Catching my tight expression, he hurriedly corrected himself.
“Not this – ” he said, waving a hand to indicate the bloody scene. “I just mean – you’ve saved the Northern Ireland peace process, again, and no one will ever know.”
I gave him a steady stare. “Someday people will know. When the time is right. Until then, I’m content to operate in the shadows.”
The singer looked at me curiously, studying my face. “You seem – different, somehow. That thing in Tuzla, now this . . . it’s done something to you. Almost like you’ve – ”
“Crossed a threshold,” I murmured, the phrase springing to mind unbidden. The words felt powerful somehow, totemic, pregnant with future possibilities.
In other good news, Fafblog is back.
Buck
Is this why the stock market went up 371 points and the credit crisis has been averted?
jake
Once again the invisible hand tries to pick our pockets while forcing our pants down our to ankles.
But this is perfect timing for the plea for less regulation. Maybe even the slowest of our citizens will see that these assclowns shouldn’t be allowed to blink without a permission slip.
cleek
Fed to Wall Street: feel free to drive off any cliff you like – pretend you’re all Evil Knievel; we’ve installed automatic parachutes in all your cars;.
yep. happy days are here again.
thanks, us!
The Other Steve
BRILLIANT TBONE! ABSOLUTELY BRILLIANT!
zsa
We don’t really own Bear … we just own what they left behind in the woods.
gypsy howell
Well, you didn’t think it was because GM, Ford and Toyota sales were down 19%, 14% and 10% respectively, did you? Or because construction spending has fallen off a cliff? Or because the banking industry is shedding jobs like my dog sheds his winter coat? (OK, I’ll give you that the market always likes a nice big job layoff)
Yes, the invisible hand has simultaneously cranked up the printing presses and stolen our wallets all at once. All hail the free market economy.
Edmund Dantes
Has this been confirmed as not being an April Fool’s Joke? It’s what it feels like.
jnfr
Fafblog!
libarbarian
More claps for TBONE.
libarbarian
or should I say “Koko the Monkey”
libarbarian
As if this is a free market economy.
Alan
It’s not a free market economy. It’s a risk-free market economy… at least for investment banks.
Krista
tbone, that was brilliant. I loved that she was wearing a sensible pantsuit for the mission. :)
Studly Pantload
No one does pie blogging like Fafblog! Can’t wait to get away from my employer’s blogspot firewall and see what those crazy kids have been up to.
And the Clinton War Journals are indeed brilliant — almost as brilliant as DK commenter PamelaD’s dour responses. (What? You mean that’s not an act?)
Perry Como
I can haz bailout? Background here.
tBone
Thanks for the plug, John. I’m sorry now that I signed you up for that fruit juice mailing list.
Heh. I’m signing at you right now. Can you see it?
For the record, I got tagged with this stupid nickname well before Cantstandya did.
Pantsuits are incredibly versatile garments: their hardy material and loose fit are equally suited for meetings with heads of state or slaughtering terrorist scum. What else would she be wearing?
Conservatively Liberal
tbone, you have a talent for writing that I really enjoy. The way you have interwoven politics, lying, war, intrigue, comedy and plain stupidity in your writing is a ‘novel’ approach to confronting Hillary and her crap. ;)
Excellent work d00d! Two thumbs up. :)
dirge
So we’ve moved on from striking amendments to striking article one clauses?
The great project proceeds apace!
tBone
God, I love the Internet. Nice work.
Thanks! Some might say my recipe is heavy on one of these ingredients, though.
Delia
So, tBone, could we have a whole novel of this stuff? With a plot and everything? It’s so much fun.
TenguPhule
Point 1: The stock market is not the economy.
Point 2: Giving money to people not willing to lend it out doesn’t solve a thing.
Perry Como
Hahahaha. Actually, it solves a lot of things. But it has shit to do with us.