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« Good Reading / Good Writing | Main | The S Word »

September 22, 2008

Buy it, Henry!

Friedrich von Blowhard writes:

Dear Blowhards,

If you need some comic relief at the prospect of our Secretary of the Treasury, Hank Paulson, using your tax dollars to buy ‘distressed assets’ from financial professionals who make lots more money than you ever will, check out Buy My Shitpile, Henry. (Hat tip to Barry Ritholtz.)

With our economy in crisis, the US Government is scrambling to rescue our banks by purchasing their "distressed assets", i.e., assets that no one else wants to buy from them. We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government.

Don’t hold back! Don’t be modest. Your ‘distressed assets’ are just as good as theirs are…in fact, probably a whole lot better!



posted by Friedrich at September 22, 2008


I'm watching the opening statements in the Senate Banking hearing on CSPAN now, and both the Democrats and Republicans seem pretty clear that they will modify the Treasury bailout proposal significantly. They will of course do a major bailout, but it doesn't seem like they're going to give the blank check.

Paulson and Bernanke look upset -- this is going to be interesting.

Posted by: MQ on September 23, 2008 10:04 AM

Sherrod Brown -- a good populist Senator -- says his phones have been "ringing off the hook" and the sentiment among Ohioans on the bailout is "universally negative".

Posted by: MQ on September 23, 2008 10:25 AM

We figured that instead of protesting this plan, we'd give regular Americans the same opportunity to sell their bad assets to the government.

But . . . the banks already gave us that deal! Isn't part of the problem here that the regular American turned out to be more of a deadbeat than those banks foolishly banked on?

Posted by: Taeyoung on September 23, 2008 10:29 AM

At this point it feels like the Iraq War all over again, with our elites, led by the Bush Administration, screaming "crisis" and rushing the country into something huge and expensive that no one really understands. The one heartening thing is that this time the American public is screaming "stop."

Bottom line: Americans with dicey loans have been losing their homes in record numbers for many months now. They've swallowed the foreclosures, the bankruptcies, the higher gas prices, the stagnant wages, the never-ending war. With the exception of the one "stimulous" check, no one in Washington has cut them any breaks, offered them any deals. And they've sucked it up. This bailout feels like the final slap in the face.

Posted by: Steve on September 23, 2008 12:10 PM

Thanks friedrich,

All my friends have it now.(with attribution)

Posted by: Ramesh on September 23, 2008 12:25 PM

Pieces of string too short to be of any use. Broken rubber bands.

Posted by: dearieme on September 23, 2008 1:44 PM

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