Monday, January 11, 2010

Banana Republic

Note the sarcasm...

The following is an excerpt from Taipan Daily.

Turbo Timmy’s Christmas Eve Coup

Justice Litle, Editorial Director, Taipan Publishing Group
Monday, January 11, 2010

"The AIG fiasco was just a warm-up. Turbo Timmy’s latest coup could wind up costing taxpayers trillions – and the country hardly noticed."

Banana Republic, Here We Come

"No, the reason to be excited now – if one is able to ride the paper gravy train, that is – is because the backroom deal makers have won. They have shown, with little room for doubt, that the government can and will do what it takes to rescue Wall Streeters at all costs... even if it means sacrificing the health of the real economy in true banana republic fashion.

And so why worry? Why worry if a tidal wave of “Alt-A” mortgage resets is coming? Why worry that current policies continue to starve the real economy of credit and jobs, while at the same time encouraging banks to hold back on loans and ramp up their trading desk activity?

There is no reason to worry, you see, because Washington has finally proven adept at taking care of its own. It no longer matters if the real economy goes to hell, because the Fed and Treasury’s access to funds is unlimited now! No matter what, planet paper will be first and foremost... no matter what, planet paper will be saved.

We have learned all the wrong lessons in spades. “Too big to fail” has worked... the culprits of the last crisis are now as big and bold as ever (on the risk-taking side if not the lending side)... bad policies (in regard to propping up the U.S. housing market) now have blank-check support... and we as taxpayers have handed over our fiscal birthright to Turbo Timmy for a mess of pottage without even knowing it.

One can almost forgive the crooked denizens of Washington and Wall Street for rubbing their hands together with glee. If American citizens are willing to tolerate this, perhaps they are willing tolerate anything. If the taxpayer, the hard worker, the honest saver, has not grown furious by now, perhaps he never will." -- Taipan Daily

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