Unclear On The Concept...

"As U.S. lawmakers consider a $700 billion bailout for Wall Street using public money, many on Main Street are turning against the culture of lavish executive pay, analysts say." You don't say.

"FDIC brokers sale of Wachovia for $2.1 billion, and will take losses. Wells Fargo offers $14.8 billion with no government cost. Guess which one the government likes better?" (HT/fark.com)

That's not how you're supposed to smoke a cigar...

Geraldo "Jerry Rivers" Rivera:
The mustache was a total loss.

All that talk about Afghanistan? The country's not only been the graveyard of empires, but it also could end up being the burial ground of a certain person's campaign.

Courtesy of the Oralando Sentinel
Rep. Rahm Emanuel (D-Ill.) whispers "sweet
nothings" in the ear of House Speaker Nancy
Pelosi's (D-Calif.) ear following the passage of
the bailout bill.

Extra: Someone who is unclear on how to correctly celebrate the correct way.

Bailout Or Payoff ?

Courtesy of the G Blog

The Senate's version of the bailout bill? Yah, I'm sure it sticks to the issues at hand and doesn't sink us any deeper than we already are...so that's why it's important to take care of the following:

New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

Extra: Remember that "National Debt Clock" in NY that keeps track all the money we don't have? "October 1st marks the first day of a new fiscal year for the federal government. At the rate it's going, a reduction in the national debt won't likely be on the list. The proposed $700 billion bank bailout would require the U.S. government to raise its debt ceiling from $10.6 trillion to $11.3 trillion. But it's not clear what kind of impact--if any--this effort would have on the national debt clock near Times Square that's about to run out of digits. The current debt stands at nearly $9.8 trillion, and the clock isn't equipped to go to ten." (Conde Nast's "Portfolio.com")

The money clock.

It's The Economy...Stupid.

Ah, the mantra of the Clinton campaign team back when the dollar was actually worth 67 cents...

So, wanna know what the government is selling? "To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes." More here.

When it comes to the current meltdown, one of the more interesting items found as of late: "A banking system in crisis after the collapse of a housing bubble. An economy hemorrhaging jobs. A market-oriented government struggling to stem the panic. Sound familiar?"

Perhaps another upside?: "Barron's analysis of the plan indicates that taxpayers and their proxy, the Treasury Department, will fare well in the bailout and should actually turn a profit over the years ahead."

Extra: The New York Times' web site ran photo No. 1 (below) with regard to Congress' work on the bailout. Apparently, it struck the wrong chord with some, so they went with No. 2 (bottom). I wonder why...?

(Photo No. 1)Barney "Bailout" Frank: Swearing that
he helped us get where we are with this mess today?

(Photo No. 2) Ben "Bailout" Bernanke: How low will it all go?

This Isn't Going To Be Good For Anyone...

The FBI: Coming to a bank near you?

"The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned."

Your tax dollars at work.

"A former Iraqi official estimated yesterday that more than $13 billion meant for reconstruction projects in Iraq was wasted or stolen through elaborate fraud schemes."

Mahmoud Ahmadinejad. (By Ben Heine.)

Iran's president, Mahmoud Ahmadinejad, is visiting the United Nations and using the opportunity to spew more ___________ (fill in the blank). The weasel says the world can take a flying leap. Iran is going to build all the nukes it wants. Note to Iran: You know that "doomsday clock" on the wall? You don't really set the time on it, Israel does.

Extra: Since we're on the topic of things that are bad for you, how about the 2,300-calorie Baskin-Robbins "Death Shake?"

Death with a straw.

Before I Go Any Further...

Let me introduce you to a new blog from an old friend, Steve Harvey.

Steve Harvey.

Steve not only has a the solid journalism bona fides, but he also distinguished himself during his decades at the Los Angeles Times with two solid, regular features:

• "Only in L.A.," which was a collection of offbeat and often funny items that he and readers collected throughout their travels (and travails) in Los Angeles. It was often the most-read column in the Times.

• "The Bottom Ten" -- If you're familiar with the typical, pro forma newspaper sports columns examining and extolling the Top Ten teams in college and pro football then you'll understand Steve's take on "the worst of the worst." Each week, the column (which also was syndicated for a while) takes a humorous poke at the cellar-dwellers. Like "Only in L.A.," "The Bottom Ten" is filled with quirky observations and cracks.

So, welcome to the blogosphere, Mr. Harvey. I know your presence will make it a better "place."

Extra: "The Best of Only in L.A.: A Chronicle of the Amazing, Amusing and Absurd," by Steve Harvey, is a great read...much fun. I highly recommend it.

The book.

Can The System Be Beat (Or Beaten)?

Time for some educated guesses.

At least someone understands the difference between a free-market and a socialist economy.

That's one way to get a leg up on the economy.

Here's another...

Wanna beat rising gas prices? These folks had an idea...

I still love the fact that Hugo Chavez is still choking on it. Nope, couldn't beat the system.

Venezuela's Hugo Chavez bet on Lehman Brothers.
The result? Check out his new presidential limousine.

Lehman Brothers on the ropes? Down for the count? Perhaps if the company had followed in the footsteps of -- the Lehman Brothers themselves -- it might not have happened.

What does it say about the economy when airlines are considered good investments?

Well, at least today's buggy whip industry still feels good about itself.

Extra: Speaking of gas prices...ever wonder how they impact our economy? (See below.)

Of Bailouts And Such

Let me be among the first to congratulate you (well, the second after the guy with the orange tie) on your purchase of some of America's most notable financial institutions.

Now that you're a mover and shaker, I'd like to welcome you to annual stockholders meetings, chi-chi airport waiting lounges and to the best tables at the finest restaurants.

Now that you're a rich, stockholder-type, you can afford
to eat at some of the more hoity-toity restaurants.

By the way, not only are you now a proud stockholder, but you'll also be happy to hear that your children, grandchildren, great-grandchildren (and probably several generations beyond that) will also be paying for the $1 trillion bailout of this nation's stalwarts of capitalism.

The Dow Jones may be climbing -- albeit temporarily -- out of its spiral, but don't look for things to turn around soon.

I'm just glad to know some Smart Guys are on the case...yikes!

Extra: In what can only be described as Mugshot o' the Week, I (with the help of The Smoking Gun) present, the AIG shirt guy hoping for a bailout.

What's $1 trillion between friends?