Is Sarah Palin the friendly and ever so lovely face of a new American Peronism? Is her resignation from office as Governor of Alaska the first step and necessary precondition of her coronation as titular head and leader of a new political party? Does it signal her desire to lead a movement that embraces the growing number of disaffected middle class Americans perplexed about their plunging standard of living and growing obsessively angered with insolvent and impotent government institutions inability to arrest the decline?
Everyday the institutions of government and constitutional law are being delegitimized by raucous Tea Partyers, abortion doctor assassins, family focus fanatics and political miscreants waving birth certificates screaming that they want their country back. We wrote about this back in October. Please allow me to quote from our McCain’s Know Nothings post of 10/11/08.
“Sarah Palin’s masterful use of the rhetoric of division and suspicion “who is Barack Obama?” has stoked the ugly side of America’s political angst. The lipstick wearing attack dog has done her job well. She has skillfully tapped into voter sentiment that is frightened about their economic security, fed up with the self serving lies of our political leaders and furious about their powerlessness to exercise control to stop the radical changes occurring in their lives. The stasis of Bush Republicanism is being washed away in a tsunami of world events that is accelerating the pace of change and cultural transformation. Palin promises to change our inability to arrest the changes that are overwhelming Americans. Sarah’s minions just want it to stop. They want it to go away. They want it to stay the way things always were. America is on top. God is in his heaven and all is right with the world. They will accept nothing less then our full entitlement to the birthright of our American Exceptionalism; and unlike Easu we will not sell it or be tricked out of it by a fast talking Jacob that goes by the name of Barack.”
Sarah, “the barracuda” has a whole mythology springing up about her even as her pronouncements concerning vigilant hockey momdom (daughters teen pregnancy), pit bull fighter to the end (resignation as governor), irascible maverick (support of bridge to nowhere), impeccable governance ethics (improper use of state government funds) all paint a very different portrait of the super girl from Alaska. Her identity as the all American girl, who worked, rose and battled an establishment with nothing more then moxie and good old values has captured the hearts, support and imaginations of “real American’s” willing to fight against those seeking to undermine the values and ideals of our uniquely God blessed land.
Palin’s timely resignation stole the limelight from the Michael Jackson funereal spectacle; a nonstop orgy of media affectation that refused to let MJ’s troubled soul depart in peace. Sarah’s announcement was a perfect foil and counterpoint to the ghoulish parade. Sarah’s photo op complete with overall fishing waders offered conclusive proof of how the still Governor of Alaska was working hard serving the needs of her constituents as her abandoned term of office was coming to a close. Sarah’s image of pulling in the nets bursting with sockeye could not have provided a more dramatic contrast to seeing MJ’s body bag being offloaded from a helicopter and placed into a ambulance for a trip to the Los Angeles morgue. It confirmed for her followers that Sarah’s way is filled with truth, light and a great catch as she stood beaming at the center of attention of a country obsessed with celebrity and a media that affirms their personal ethos du jour.
One of the reasons cited by Sarah for her resignation was that she was constantly under attack by the establishment. Sarah’s victimhood elicits empathy and a deep sense of identification from her countrymen. Middle America’s sense of victimization is quickly becoming its defining pathos. Home foreclosures, job losses, bankruptcies, community instability and spiraling taxes are combustible issues ripping apart the social fabric of America’s middle class. The crushing pain is being expressed in a growing chorus of cries that Sarah’s political antenna is accurately attuned to. In turn, Sarah’s minions understand and validate her victimization that they believe she will overcome and triumph if she remains true to real American values. Persecuted Christians exhausted from the prolonged war on Christmas feel her pain. Family value proponents that yearn for a constitutional amendment to define marriage so as to exclude civil rights for the LGBT community are down with Sarah. Uber patriots who are convinced that terrorist lurk in the quiet shadows just off Main Street remain willing to cede their civil rights. They also express a solid conviction to prosecute endless global wars as the only means to eradicate the terror threat staunchly stand with Sarah. Real American’s who live in a geography of anywhere USA that is not urban; or resides in an existential state of multicultural exclusion support Sarah. Those who are terrified by the hard edges of modernity and the difficult manageability of our complex society are arming themselves to the teeth to protect themselves from its ghostly specter take a cue from gun toting Sarah. And as Sarah’s supporters scream “drill baby drill” as a rallying cry to defend an expiring mode of life based upon the insatiable and unsustainable consumption of natural resources requiring the imperial projection of power and environmental degradation mindlessly shout “Sarah, Sarah, Sarah”.
Sarah, our self styled, self proclaimed maverick. American’s steep themselves in the mythology of the outside gunslinger taking on established power elites to effect change. But I sense an alarming correlation that is closer to Leni Riefenstahl’s “Triumph of the Will” then Hemingway’s “The Old Man and the Sea”. Individualism counts and boldness wins out in the end in Sarah’s political morality fairy tale. But I see little in the actual trajectory of her career or her political pronouncements that suggest that she is an unconventional politician willing to lay it on the line to take principled stand against the power elite. Sarah’s principled stances are driven by political opportunism rather then courage.
Yes, Sarah is a perfect victim. White, hockey mom from the rural region. Liberal elite city slickers hate her for who she is. But as Sean Hannity is fond of saying, “let you hearts not be troubled” because as the world continues to hate America for it’s values Sarah remains on watch. She is a sentinel of our arsenal of democracy protecting the common folk, Joe six packers and wannabe plumbers. This woman who rose to heights in this male dominated world got great legs, sports a nice dew and is quick with a wink and a smile. She has seduced America and as national dissatisfaction grows with governmental institutions unable to address economic malaise and cultural deterioration, nationalistic sentiment and Sarah’s popularity will rise. Unlike our current President, Sarah is American to the bone. Palin’s physical place of birth may have been Idaho; but her resignation as governor may have born her again as a new political force to be reckoned with.
You Tube Music Video: Madonna, Don’t Cry for Me Argentina
Risk: politics, Peronism
It is said that success has a thousand fathers and failure is an orphan. So its not surprising that as the McCain campaign came to its blessed end no one wanted to be blamed for the train wreck. Indeed the professional class of campaign elites that handled the failed republican bid for the presidency was looking to pin the progeny of McCain’s homely orphan on someone. Sarah Palin was again called to the service of her good party to take one for the team.
Much is being said about the Wasilla Hillbillies plundering Neiman Marcus from coast to coast. Much is being said about Palin’s confusion about weather Africa is a country or continent, what North American countries are NAFTA signatories and her refusal to prep for TV interviews and the resulting gaffs due to the lack of preparation. Fair enough. However I believe that most American’s couldn’t answer those “tough” questions by the liberal gotcha media and given the chance at a free coast to coast shopping spree would act in a similar if not more covetous fashion.
What really must be asked is who is responsible for anointing Sarah Palin to assume the office of VP? McCain’s Country Firsters, whose unfathomable depth of love for country is understandable only by God, insisted that Ms. Palin was the best person to sit in the office one heart beat away from the presidency. The Country Firsters erected the cult of Palin to solidify its right wing base and appeal to a broader populist mass of hockey moms, Joe Six Packers and Joe the wanna be plumber. The Republican Party does this every four years. At election time, the party of power and privileged elites comes before the electorate like a wolf in sheep clothing. They play on populist sentiments and fears. They viciously attack democrats as lesser American, non Christian, unpatriotic liberal elites whose sole purpose is to excessively tax the salt of the earth working people to send welfare checks and social assistance to the slackers of society.
Now that the election is over the republicans have no need to curry favor with the lower class rabble whose votes they need to remain in office. The deification of Palin is a cold slap in the face of an electoral sector that allows itself to be beguiled by a political machine to support a program that is painfully at odds with its own self interest.
Palin’s deification also signals a badly split republican party. Mitt Romney for example, has the social conservative credentials to appeal to Palin’s peeps with the glaring exception of his Mormon faith. The rejection of Romney as a suitable candidate speaks volumes about the religious bigotry rampant within the Republican Party. The Christian Rightists will righteously eat their party’s own out of bigoted zeal while rejecting apostates communion wafers offered at the Lord’s Table by mainstream Christian denominations. This party needs a reformation. Perhaps a Martin Luther will surface and nail a new 95 Thesis on the door of the RNC.
You Tube Video: Granny Sings “She Wants to Go Home”
You Tube Video: The Beverly Hillbillies Original Trailer
You Tube Video: The Beverley Hillbillies Theme Song
You Tube Video: Weird Al Yankovic, Money For Nothing
Risk: social class, party politics
It was painful to watch Mr. McCain’s last town meeting. An older women took the microphone to speak about her fear of an Obama Presidency. She said that she read that Mr. Obama was an Arab. Mr. McCain took the microphone back from the woman before she could complete her thought. I guess she feared that Michelle Obama would change the Lincoln Room wallpaper to Arabesque patterns to match the architecture of the Grand Mosque of Cordoba and that the Whirling Dervishes would perform at all future White House events.
McCain was forced to give a Marc Anthony soliloquy. “My friends, I must say that my opponent is an honorable man. And he really is an American, Sean Hannity checked his papers. Twice.” McCain’s supporters were miffed and looked on with unbelief as their candidate went on to explain that Obama was actually a family man with two kids and a wife. His supporters shouted “say it ain’t so John. Don’t believe the lies of the liberal media that paint Obama like a regular American. We know the real truth. He doesn’t even like hockey!”
All week we have seen McCain’s supporters express their exasperation because “That One” has a lead in the polls which many fear their candidate may not be able to surmount. With incredulous unbelief they can’t understand how the America of their understanding might elect a terrorist loving closeted Muslim whose deep hatred of America will compel him to quickly raise the White Flag of surrender and preside over the destruction of the Union. Low information voters rely on demagogues to confirm their prejudices and fears with a few well placed words. Cultivating low information voters by speaking down to them with hate speech will yield low returns. So as our country struggles to confront drastic challenges and problems McCain’s Know Nothings implore him to show more courage of his convictions and go negative in his next debate to save America from an Arab President.
Sarah Palin’s masterful use of the rhetoric of division and suspicion “who is Barack Obama?” has stoked the ugly side of America’s political angst. The lipstick wearing attack dog has done her job well. She has skillfully tapped into voter sentiment that is frightened about their economic security, fed up with the self serving lies of our political leaders and furious about their powerlessness to exercise control and stop the radical changes occurring in their lives. The stasis of Bush Republicanism is being washed away in a Tsunami of world events that is accelerating the pace of change and cultural transformation. Palin promises to change our inability to arrest the changes that are overwhelming Americans. Sarah’s minions just want it to stop. They want it to go away. They want it to stay the way things always were. America is on top. God is in his heaven and all is right with the world. They will accept nothing less then our full entitlement to the birthright of our American Exceptionalism. And unlike Easu we will not sell it or be tricked out of it by a fast talking Jacob that goes by the name of Barack.
There are parallels to this story in our short and modest history as a democratic republic. The Know Nothings were a pre-republican party political movement borne in the civic turmoil of New York City. They were Nativists that distrusted the ruling democrats and hated the swelling population of Irish immigrants that was flooding America just prior to and during the Civil War. They felt “the purity of their America” was being lost and diluted by the foreign influence of its new citizens. Martin Scorsese’s “Gangs of New York” character Butcher Bill Cutting yearns to protect an idea of America that shares many of the same concerns that Barracuda Sarah incants with her divisive rhetoric.
The release of the movie American Carol will certainly add to the informed dialog about the pressing issues of the day. To me it looks like a heap of pedestrian clichéd camp. Its purpose will serve to reinforce low information voters political prejudices and misconceptions. The few clips I have seen are anything but funny and its natural audience will liken it more to a chilling documentary then comedy. It will also provide comedic cover to derail attempts for a serious examination of issues which can now be disposed of with a dismissive can’t take a joke tagline.
One reaps what one sows. Spread seeds of obfuscation and one gets confusion. Spread seeds of distrust you’ll get suspicion and division. Spread anger you will reap conflict. Pander to ignorance and you shall cull stupidity.
American politics on the down low this October 11, 2008.
You Tube Video: Shift Happens
Music Video: The Charlatans – The Only One I Know
Risk: democracy, elections, civic participation, enlightenment, civil unrest
Last night as McCain wheezed his way through America’s virtual town hall meeting an uglier side of his character emerged. McCain’s use of the pejorative term “That One” shows a willingness to till soil that sow seeds of division and encourages partisan factionalism. This is no surprise. Sarah Palin, his lipstick wearing pit bull has incited partisan crowds with rhetorical speeches about Obama’s cavorting with terrorists. Cries of treason and kill him have been shouted by some of the gathered low information voting yahoos who are fully invested in the emotion of attack politics. We pray that one of these self deluded uber-patriots don’t act on their fantasy and plunge this country into a national nightmare.
Luxuriating in the language of division may become and titillate the Ann Coulters of the world; but it does nothing constructive to strengthen our beloved and much endangered republic. Consensus is the cornerstone of a representative democracy. Consensus is built on dialog and compromise that brings together and synthesizes opposing views. Trust and respect for institutions and process is key to building a national consensus. Consensus also presupposes that you recognize the humanity, equality and rights of your countrymen to hold and express views that you may not share.
The political rhetoric coming from our Country Firsters is anything but. Like Lady Hamlet, “the lady doth protest too much”, our Country Firsters insistence that their deep abiding love of country places them above partisanship. Unfortunately this claim is belied by their reliance on attack politics, division, dehumanization of their opponent and insinuations of sedition threatens the foundations of our democratic republic.
The United States is in peril. We are engaged in two wars. Our economic distress is deepening, our institutional trust has been grievously violated, leaders have failed us and anger, resentment and suspicion grows among the populous. This is the type of climate that calls for bridge builders not demolition crews sowing division with incendiary rhetoric.
America is the global standard bearer of the democratic ideal. Yet we hear media reports that voter rights are being challenged with increased regularity. Reports that the participation in the electoral process is being made increasingly difficult and is discouraged and challenged in some swing states is most disturbing. America is best served by protecting and promoting full participation of its people in the right to decide who governs them. Any party or practice that runs contrary to this necessity has clearly put their party’s interest above America’s.
As our country’s most storied POW knows, when in a war the first thing you do is to dehumanize your opponent. Our Country Firsters should consider their tactics and demagogic pronouncements they engage to win this election. Is sacrificing the democratic principles of our republic the price of victory Mr. McCain is willing to pay? What price victory Mr. McCain? If you win with an exceedingly ugly damn the torpedoes campaign do you think that you’ll be able to effectively reach across the the gapping divide your campaign tactics created on Main Street? Do you think that your hollow pronouncements about Maverickism and bipartisan fealty will be able to apply a tourniquet to the gaping wound you are willing to inflict on the American body politic? Methinks you think too much of yourself.
Today is Yom Kippur, “The Day of Atonement.” I believe McCain and Palin should recite the Al-Chet. It would also be a particularly fitting day and most instructive for Mr. McCain and Ms. Palin to consult the pages of Martin Buber’s “I and Thou” that stresses the necessity to recognize humanity of all beings without objectification or the prejudicial otherness. We have seen the horrific manifestations of objectification and otherness in the Jewish Holocaust. Never again Mr. McCain.
Lets take the Day of Atonement for some circumspection and a recommitment to recognizing our shared humanity and putting our country first.
Music Video: Three Dog Night “One”
Risk: factionalism, social unrest, institutional breakdown
“Can I call you Joe?” Sarah Palin asked. A smiling Joe Biden said, “sure”.
The junior partner of the Maverick Luchador tag team had entered the ring. You betcha she was ready.
She did a shout out to Alaskan Third Grade friends and punctuated it with a Garboesque wink. Sarah saluted her peeps. She offered greetings of solidarity to all hockey moms yearning to be recognized and all Joe six packers apparently looking to get drunk. Its an intriguing political demographic that the party of big money and conservative values needs to bridge to keep hold of the White House. Has the GOP abandoned the Temperance vote and any active AA’ers trying to stay sober today? I question its wisdom given McCain’s abdication of six pack packing Michigan. If the team of Mavericks make their final stand by circling the wagons around the Focus on the Family Headquarters in Colorado Springs no drinking will be allowed.
Another wink and a smile from Sarah that scrappy rascal. She knows something that I don’t and she’s got half the country in on it. I get uneasy for not getting it. But she is a maverick, don’t ya know. And she’s from Alaska. Really, I hadn’t heard. But I do want to know what a maverick is, why we need one and wish to hear fewer proclamations on her governorship of Steward’s Folly. Sorry to be so nosy but I also want a little more information about what she knows about the world, America’s position in it and where Sarah wants to take it.
During the debate I imagined her supporters across the country letting out a collective sigh of relief. Sarah was able to put together a number of coherent and complete sentences. She recited her rehearsed lines with enthusiasm, alacrity and partisan zeal. Not always in the proper order to answer the posed question; but she did recite. It was as if the Arch-Angel Gabriel had grabbed a hold of her and commanded her to recite the gospel of Maverickism. Pull the cord on this Chatty Kathy’s back and hear how Maverickism will save our country from the bad people running the big government while slaying terrorists and assorted evil doers who hate us for our values and freedoms. She stayed on message. The same message that we have heard from W for the past 8 years.
As America watched Sarah on their giant flat screen plasma TVs I sensed a country desperate for an existential connection to a remote government that is more despised then understood, less trusted then condemned, less effective then irrelevant, less pertinent then useful, less representative then self-serving. I believe American’s have transfered its hope onto Sarah because she looks, feels, speaks and thinks more like us then Obama, Biden and McCain. She’s young, brash and ballsy and what American doesn’t worship those qualities? Sarah an American Evita that can tell our story because she is our story.
As Joe and Sarah jawed away, our elected officials were conspiring to flood the public treasury with a raft of IOUs that will accrue debt to generations of countrymen that are yet to be born. So as the politicians redistribute the national debt to future citizens we get to connect to our national destiny with a real life Alice. With Sarah we get to slip through the looking glass to explore a new national fantasy. We seek the banality of the familiar and remain desperate to find ourselves at the close of journey’s end. American’s need confirmation. We demand to be affirmed with a soothing rationalization that we are good people doing good things. Sarah assures us that we have found it in her. She is living proof and our fondest hope of our common American exceptionalism.
Refusing to answer questions put forth by the gotcha liberal media; Sarah repeated her maverick pronouncements. Don’t ya know she’s from Alaska? Sarah choose not to answer. She would only debate on her terms. She claimed her entitlement to live above the rules imposed by the evil liberal media as she asked her countrymen to take personal responsibility for their actions. A bit of a contradiction. I believe it to be an unfortunate contradiction because personal responsibility is a republican virtue that all American’s should emulate. But sadly this lipstick wearing hockey mom’s insistence on her radical entitlement bereft of any responsibility or accountability has been a hall mark of all recent republicanism. It is a dangerous behavior that has led this nation into our current mess of unmanageable debt, economic duress and the growing global isolation of America.
Yes she’s a plucky and sexy lipstick wearing hockey mom who couldn’t drive her kids to practice this week because she’s been too busy rehearsing her lines for this debate. Supported by her husband “the first iron dogging dude” we are regaled with tales of his circumnavigation of the arctic circle with nothing more then a 5 gallon can of hi test and a pound of free range moose jerky cured in his home built smoke house. Such characters of extreme normality performing extraordinary feats make it difficult for us to distinguish legend from myth. Spectacle trumps substance and a parade of heroes is nothing more then a pedestrian tramp through the local strip mall.
At the close of the debate I grew uneasy as Sarah seemed to use her 8 month old autistic child as a theatrical prop. Her older daughter is always seen dutifully carrying her infant brother on stage so she can lift his arm and wave it to adoring fans. Call me old fashioned, but I don’t think a political debate is a suitable place for an 8 month old infant at 11:00PM. But Sarah’s a maverick and I guess thats what maverick’s do with their children. I hope she doesn’t mistake the child for a beanie baby and list it on ebay after the election.
So as America looks lovingly into Sarah’s eyes she winks back an impish encouragement. “Drill Baby Drill” Sarah cheers her full commitment to America’s future and extols the virtues of a national amnesia that asks her countrymen to forget about the past. She says let’s not fix blame lets fix the problem. In response, Joe Biden stated the past is prologue to the present. Wisdom is a child of experience, study and contemplation.
Sarah putting aside bipartisan dialog took the opportunity to incant a republican mantra and channel the ghost of Ronald Reagan from the 1980’s. Said Sarah, “there you go again Joe, bringing up the past.” Wink wink nod smile snicker. Unfortunately her timing was off on the delivery of this mother of all cliches. Thirty years to be exact. If only she waited a bit longer. A pause of silence. Some bit of reflection. Without some deliberation or assessment of where we are Sarah is well on her way to building a bridge from nowhere.
At this critical juncture in American history we cannot afford our leaders to turn a blind eye to the mistakes and disastrous stewardship of our past and current leaders. Americans must insist on leaders that have foresight based on an understanding of how we got to where we are and offer a clear vision that can lead America and its partners across a bridge to the future.
Our vigilance won’t allow us to be hoodwinked and suffer the truism that “a wink is as good as a nod to a blind horse.”
You Tube Music Video; Billie Holiday: Them There Eyes
Risk: One Heart Beat Away
Hank Paulson, the Senate and Congress are taking earnest steps to hammer out an agreement to create a super fund to acquire toxic bank assets, package them up, securitize the assets and release them in global secondary markets.
The program, Fund for Asset Remediation of Toxicity (FART) is requesting $700 billion dollar capital infusion from taxpayers. Paulson and leading members of the legislative branch of government are pumped to get a deal done and leading democrats are smelling sweet success of pushing this major legislative action through.
Though bipartisan support is strong some republicans are getting a whiff of potential problems in the plan. Tennessee Senator Jim Bunning, says the deal stinks and he won’t support socialists and communists running the Treasury Department. Says Bunning, “We won the cold war. We beat them. Why are they imposing their stuff on us. This reeks to high heaven.”
As part of the deal a special entitlement rider was added to the bill. All banks who participate in the FART program will be required to provide odor eaters to all new loan applicants to make sure that they are comfortable with the terms and conditions of the loan agreement.
Sarah Palin thinks she smells a rat. She said she’s oiling up her 22 and will shot on sight any rat or any rascally critters that will skunk the deal.
McCain and Obama were unavailable for comment at press time.
Music: Loudon Wainwright 3rd, Dead Skunk in the Middle of the Road
Risk: Taking things to seriously
Marx made a wry observation in the opening lines to one of his historical tomes, “Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like an nightmare on the brains of the living.”
So it is with us. We are experiencing a crisis that is the result of a decades long deconstruction of the United States economic, political and cultural infrastructure. It began with the dismantling of our manufacturing base. It continued with the transformation of our capital markets. The purpose of the stock markets was to facilitate capital formation for the creation of businesses and industries. Today the markets function principally for speculative investment and the enrichment purposes of monied interests. Our deconstruction accelerated with extreme political Rovian partisanship and the fear mongering and self serving righteous divisiveness incessantly screamed by the howling yodelers of Talk Radio. Finally our enlightened republic is threatened with extinction by the intentional dismantling of our public education system and the virulent attack on secular learning and civic participation.
During times like these weird things begin to happen. We need to be prepared for anything and everything. That said it is heartening to see the Fed, Treasury and SEC act with such dispatch to address the US role in the global banking crisis. An economic meltdown serves no one. The long term impact of these swift concerted actions will be profound. Undoubtedly these actions will add to the national debt. Some think it unfair to assign this burden onto the backs of future generations. Indeed this country started a revolution on the idea that taxation without representation is an intolerable injustice that cannot stand. Years from now the yet to be born will curse the long dead for their poor stewardship of our national wealth and resources and how it contributed to an extreme and unfair taxation they are forced to pay. That is of course if America does make good on its debt. Alexander Hamilton may be stirring in his grave. So this is a time out from the heat of a global market implosion. What is happening?
PROHIBITION ON SHORT SELLING: Shorting can now be considered a criminal enterprise. At present it only applies to large financial services firms. Lots of firms are clamoring to get on the you can’t short my stock list.
The new national slogan from the SEC should be “GO LONG ON AMERICA!”
REPO MAN:Global Repo Desk was created to facilitate liquidity amongst the global central banking system. London, Tokyo, Frankfurt and the other G8 central bankers are all counter parties to Bernanke’s $180 B liquidity infusion. Paulson’s putting on his old Goldman Sach’s trading cap and promises to trade us out of this bad position.
The Feds new slogan, “NO CENTRAL BANKER LEFT BEHIND!”
GOOD BANK / BAD BANK:Bernanke is using his infinite balance sheet to segregate all the bad debt from the good stuff. Its kind of like what ENRON did as it packaged all its poor debt obligations and parked them in offshore SIVs. Maybe it will work this time because unlike ENRON the Fed can print money. Lots of it.
New Slogan “BERNANKE AND PAULSON, SMARTEST GUYS IN THE ROOM.”
CORPORATE BAILOUTS: The US taxpayer is now the owner of the worlds largest insurance company. It’s $80 B capital infusion in AIG will keep this company solvent for the time being and keep the credit rating agencies from lowering AIG’s credit condition to junk. Cox has requested a copy of Lloyds of London Names List.
New Slogan: “PRAY FOR NO MORE HURRICANES, WE CAN”T AFFORD TO PAY OFF THE CLAIMS”
SHOTGUN WEDDINGS: First it was Bear Stearns and JP. Now its Merrill and B of A. Who’s next?
New Slogan: “WE DO MORE MARRIAGES THEN ELVIS AT A LAS VEGAS DRIVE THROUGH”
INFINITE BALANCE SHEET: That is what they keep saying. The Fed can do these financial gymnastics do to its access to an infinite balance sheet that can finally match infinite assets to cover infinite liabilities. Sounds like a tall order to me but i must admit it sounds pretty good from where I’m sitting today. Don’t know how it will go down with the future generations. From Bernanke’s lips to Gods ear.
New Slogan: “INFINITY, ITS MORE THEN ENOUGH TO GET IT DONE”
Bailout politics will sure to become a bloodsport. Every once in awhile you see the commentators on CNBC smugly ask about a threat to free markets and contemplating about the evolving form of capitalism. I can also hear Palin’s squeaking voice proclaiming she’s ready and offer some sage advise concerning our current plight. Palin would say that if she were so blessed to take the oath of office with her fellow Maverick John McCain, she would immediately put AIG up for sale on e-bay and return the proceeds of the sale to the American taxpayers.
Music: Temptations, Ball of Confusion
Risk: economy, market, future generations