$700b

How, you might ask, might dishing up all this money to failed businesses be of any use?

Markets, so we are told by those very same men and woman who have so royally fouled things up, are supposed to correct themselves. When – in New Zealand – a string of finance companies failed, did the government leap to their assistance? Why not? That would have been peanuts by comparison, even if you scaled the U.S. bail-out package down to an NZ economic scale: about 16 billion, or, roughly the entire personal tax take.

Maybe we should have. Maybe we should still.

So, what’s the difference? Is it a case socialism for the rich, capitalism for the poor? Evidently.

I’ve looked in all the major dailies and the few economics blogs I can track down, and it’s all rather beyond me to tell the truth. And them. There are two things everyone seems to agree on. One, that nobody agrees on anything. Two, that the benefit this brings to the economy in general and poor, homeless bankrupts in particular is either impossible to understand or impossible to achieve, or both.

One surprising thing I haven’t found reference to. Who are the depositors in the failed banks? And why is the American government not worried about them? I would have thought that if the banks failed, the main problem would be the gazillions of dollars lost by the folks who steered cleared of high loan-value ratio mortgages and chipped away at savings accounts all their lives.

Extraordinarily, perusing the NYT, the Washington Post, and the Wall St Journal this morning delivered almost nothing. All far more concerned with Indecision 08.

This  and miles more from Huffington.

A right royal barrel of monkeys. A dog’s breakfast. A fuck up, from arse-hole to breakfast.

Thank god it’s them and not us.

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