Monday, September 22, 2008

OT: Financial news roundup

A few years back, a commenter making nominations for the Cobb Awards called Daily Kos "a big bowl of Angry Flakes that never runs out." Reading the news about the financial crisis in the New York Times is like eating those Angry Flakes every morning with curdled milk and no sugar on top.

I promise I won't keep posting about this, but here's your daily heapin' helpin' of Angry Flakes:
  • Your Money at Work, Fixing Others' Mistakes: So what’s a fair price that we TARPistas should pay for the assets? If we bought at 60 cents, a price that the bank would argue is appropriate, we would most likely face a loss. The bank, however, would be much better off than if it had to dump at 30 cents. . . . Do you think, perchance, that financial services lobbyists might be working their Hill contacts right this very minute to ensure that the TARP valuations are rigged in their favor? . . . Such is our lot today: They break it. We own it.
  • from the Washington Post: Socialism, you say? We're already into that. The administration's plan amounts to socialism for the rich only. And as Reed explained in an interview, his proposal is actually more in keeping with capitalism than a pure bailout. "If taxpayers take risks, they should be able to reap some of the rewards," he said. Frank is trying to get this provision into the final bill.
  • More Washington Post: Treasury Secretary Hank Paulson made the rounds of the talk shows on Sunday, pleading for financial executives to be allowed to keep their multimillion-dollar compensation packages even if their companies need to be rescued by the $700 billion federal bailout.

    "If we design it so it's punitive and so institutions aren't going to participate, this won't work the way we need it to work," Paulson, whose net worth is said to be north of $600 million, told Chris Wallace on "Fox News Sunday."

Okay, I feel better. I'm done now.

3 comments:

profacero said...

The business office sent us a letter saying we can no longer change, say, from TIAA-CREF to VALIC, at least not for the time being.

I'm sure they just don't want to deal with hysteria and silliness, but my instinct from having lived in 3d world type places was: they're getting ready to put an ECONOMIC SHOCK PROGRAM in place! (This is the first thing they do - tell you you can't move your money. Then they nationalize it. All in the name of saving the economy for the IMF, of course.)

Professor Zero said...

OK I lied. It says we have an *extended* period of time to change carriers - get on the state retirement system so as not to lose TIAA-CREF monies.

HMMMMMMM that isn't portable. How frightening.

undine said...

That's scary, but at least the government is closer to solving the mess. Maybe.