Oh the insanity!

The tab is escalating quickly. Granted we’re talking mostly of guarantees here. But, two thoughts. First, look at who controls the guarantees (and it’s not you and me the people) – second, look at whose permission they need to get to apply the guarantees.

But, most importantly, considering the never ending string of events that have been described as “unprecedented”, “once in a life time”, “once in several generations” and “unexpected”, how long will it be before these guarantees are triggered and officials will calim they could not foresee it?

http://www.bloomberg.com/apps/news?pid=20601087&sid=atjQ8fjgT.kY&refer=home

And here is the problem when politicians say that something must be done before things get worse (and, incidentally, before plans can be thought through). So, now GM and Chrysler got bailout money for twice their total capitalization. That in itself is the most absurd thing ever. But now, look at who the government (you and me) is having to fight in order to be first in line for claims.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGq2B3XeGKok&refer=home

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