Also, Goldman Sachs gets all it can eat from Buffett... (link)
It's been a busy week for Jimmy's older, richer, brother.
And the bailing continues, as it looks like GM, Ford and Chrysler will get $25,000,000,000 from U.S. taxpayers to continue producing crappy cars no one will buy. Bonus: Already plan to seek another $25 billion next year. (link to that)
The loan deal dwarfs the $1.2-billion bailout of Chrysler Corp. in 1979, and reflects the economic crisis threatening the survival of Detroit automakers and the companies that rely on them. Automakers had made the loans their priority over the past several weeks, sending all three chief executives to blitz Congress.... or it looks like the Federal government is 'giving' money to Michigan in a critical election year.
At least Lee paid it back - early - with interest. I don't see that happening this time.So now we have Federalized brokerage houses, corporate insurance, and automobiles?
But NOT health insurance, hospitals and the pharmaceutical industries? I mean, if you're going to go and buy up and Nationalize American companies, pick one that would help regular folks - the People. The folks who paid into the system. I mean, if you're going to go socialist do it right. Typical of our current system and the boobs running the place.
Here's what you can buy for less than $700 billion, according to the New York Times.
- For $100 Billion you can Universal Health Care for all people in the U.S. without it.
- For $35 Billion you can get universal preschool. Half-days for 3-year-olds and full days for 4-year-olds.
- For $10 Billion you can carry out all the security recommendations issued by the 9/11 commission.
Or, think of all the other wars we could start! We could bomb and invade Iran, take out Pakistan, and also start another front in North Korea -- oh, wait, we're already DOING THAT TOO...