Banking Law

TARP: All It's Cracked Up To Be

You knew this was coming. So did I, but I wouldn't face it and neither would you. Well, people with more courage than you or me have been looking the concept of "logical consequences" straight in the eye and, unflinchingly, have been telling it like it is. Or, at least, as it ought to be on the planet Bizarro.

Courtesy of Jr. Deputy Accountant (a/k/a Adrienne Gonzalez), comes the news that we loathed to hear: "Crack Dealers Plea To Paulson, Help!"

First the banks collapsed, leaving us no choice but to intervene and funnel in funds to pump up floundering balance sheets. Next, Detroit automakers lined up for a piece of the pie.

The bailout blowup has certainly taken a strange turn as it was rumored this week that San Francisco-based crack cocaine dealers had secretly met with Treasury Sec Hank Paulson to discuss terms of a possible bailout.

[...]

'We suffering too,' said CEO of the corner of Turk and Taylor, Junebug Smith, 'ain't no one buyin nothin so my customers ain't got nothin to steal to pay they habits. It's a vicious circle.'

Among the many telling observations about our federal government's laser-like focus on the most important issues of the day is the following on Ben Bernanke's obsession with his upcoming birthday party: "Bernanke, meanwhile, was picking out his birthday outfit and waiting for presents. 'Can I fit a pony in my helicopter?' he asked reporters."

Read the whole thing. You'll be glad you did. They don't come any more politically incorrect--or funny--than this.

Full post as published by Bank Lawyers Blog on December 09, 2008 (boomark / email).