Posts tagged “market oracle”

Exclusive: Local bank officer reacts to bailout

I have an anonymous friend who has commented here under the name “Perhaps a sample of one was too small…“. He is a loan officer at a local bank and had this breaking news to report shortly after the House of Representatives passed (and Bush signed) the Bailout today:

I have been face deep in the awfulness of work and didn’t realize the bailout (complete with enough pork to feed the gentiles of this world for a decade) had passed. But things are starting to make sense.

I couldn’t figure out why, but about an hour ago money started flying from the teller drawers and shooting from my disk drive. Not one to look a gift horse in the mouth (or be too concerned with the textbook definition of “theft”) I immediately scooped some up, bought 20 Alt-A mortgages, packaged them, sold them for 3 times what they’re worth, and borrowed against my future earnings. Mortimer, we’re back!!!Anonymous
Loan Officer

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Ignore the Senate; Support the “No Bailouts Act”

While the Senate did cave to the financial terrorists, the fight is far from over. In fact, a new alternative has emerged.

Take action!
Support the
“No Bailouts” act!

The “No Baiouts” Act “would impose a securities tax equivalent to one quarter of one percent of profits and empower the Federal Deposit Insurance Corporation to deal more effectively with bank failures,” according to John Nichols at The Nation.

Take a look and see for yourself. It is an alternative and it has the support of former heads of the FDIC. Then, take a moment, hit the link above and sign the petition. Even if you don’t think this is the best plan, perhaps it IS best to challenge Congress to pursue every alternative? I certainly think so.

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Quotable: Samuel Taylor Coleridge

Water, water, every where,
And all the boards did shrink;
Water, water, every where,
Nor any drop to drink.
Samuel Taylor Coleridge
from “Rime of the Ancient Mariner”

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