Wall Street's Man in Washington

[NicholeW.]

Wall Street's Man in Washington
The Washington Post
By Harold Meyerson
Thursday, September 25, 2008

This past winter, when American banks were already scrambling for capital, foreign investors came to their rescue. Last November, the Abu Dhabi Investment Authority put $7.5 billion into Citigroup. One month later, Merrill Lynch sold $4.4 billion worth of new stock to Temasek Holdings of Singapore, and Morgan Stanley sold a $5 billion stake to China Investment Corp. In January, Merrill Lynch issued $6.6 billion of preferred stock to Korea Investment Corp. and the Kuwait Investment Authority, among others.

The citizens of Abu Dhabi, Singapore, China, Korea and Kuwait got something in return for their treasuries' aid packages to American finance. They got stock. They got an equity interest in those banks.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/23/AR2008092302700.html?wpisrc=newsletter&wpisrc=newsletter

Which, sadly, is more than can be said for American citizens in the deal that Treasury Secretary Hank Paulson brought down from his Mount Sinai penthouse over the weekend. In Paulson's plan, the American public pours at least $700 billion of its money into purchasing the bad loans on Wall Street's books and gets -- well, it gets the thanks of a grateful Wall Street. It does not get any equity in return. To receive a return for their investment, Americans would have to become Chinese or Kuwaiti or Abu Dhabian; they would have to move to some country that accords a little more respect to the public's claim over its money.

[tekla]

I'm not going to go off on this, because it would take pages, but if the American Public goes along with this its the end.

[Flan Princess]

I'm not going to go off on this, because it would take pages, but if the American Public goes along with this its the end.

I'm not too sure the American public has any control over this train wreck in-progress at this point. 

[NicholeW.]

Actually the American public could at the very least email or phone their congresspersons and senators saying that they think it's an outrageous crock of crap and tell them NOT to vote for it. After all, it's Spetember 24, 2008 and there's an election for all of the congressional and 1/3 of the Senate that will occur in about 5 weeks.

In that regard, the regard of individuals being heard and heeded, this could not have come at a better time to get the attention of the people who will vote on this "Economic Recovery" package.

Ya know, I get the feeling that people who got about $300-$1200 in cash or goods just a few months ago might be able to do enough math to find $700 bil. divides by 300 or 400 a whole lot more times than their share was back then.

Nichole

[tekla]

I'm not too sure the American public has any control over this train wreck in-progress at this point. 

I think that's right, and that's what I'm worried about.  If they do this and we don't have - well a general strike might be nice - then we will have totally lost control over our government.

[NicholeW.]

Since 1788.

[tekla]

I'd give it another century, say 1880s or so.  But I'm an optimist.

[NicholeW.]

Give govt being run for the governing elite until the 1880s? Come now, my dear.

I was just imagining the hubris involved in the whole wrangle over the 5/8s deal today. Madison:Ummmm, but Alec, they are people evn if we have them enslaved. They should count as full people. Hamilton: But then that gives your vote a disproportionalte cast in Virgina, Georgia and the Carolinas, not to mention everywhere else.

I mean, in NY we have slaves as well. It's not like we're asking you to forego all of yours voting. We're gonna lose votes in this as well.

John Jay: What does it matter, guys? I mean, we already don't allow most of the people to vote. I think 5/8s is more than fair.

Yep, 1788.

Nikki

[tekla]

That's not all that far off of what the debate came down to.

[NicholeW.]

That's not all that far off of what the debate came down to.

Of course it's not that far off. It's not off at all!! I've heard the dictaphone recordings!!

Nikki

[tekla]

Honey, you and me were almost there.  John McCain was.

[NicholeW.]

Honey, you and me were almost there.  John McCain was.

"Ah, yes, West and Smith, Smith & West!! Entertaining you at the Constitutional Convention just as they did during the writing of the Federalist Papers!!

with ... John McCain as the old guy who couldn't fly!!"

[tekla]

Smith:  Hey stranger, does this road to go to Philadelphia?
West:   I don't know.  I've been standing here all day and it ain't gone nowhere yet.

(rimshot)

Hey, it was killing them down at the Ye Olde Tavern on the Square, but Ben Franklin is an easy audience for comedy.

Now, I'm waiting for Bush to address the nation, oh this ought to be rich.  I can't think of a single person who is more responsible, who has done less, and now wants authority without review.  Oh the gall of these people.

[NicholeW.]

The Gaul of those people? The Dying Gaul, the Gaul-atia, or the one divided into Three Parts?

Come on, West, ya gotta be clear about these people!!

N~

[tekla]

I'd like to divide them into three.  Lets just draw and quarter them and tell them that we're only using three horses.  Budget cuts you know. 

[NicholeW.]

Ah, there's the very sharp blade of true wit!!

Nikki