Hawking Up Hairballs

Sunday, November 23, 2008

May They All Burn!

Over the past week, four insurance companies with no history in banking scrambled to buy up small savings-and-loans companies. They've done this in order to qualify for federal bailout money. Leading this piggy parade was the Hartford Financial Group. They purchased Federal Trust Corporation, a Florida-based savings-and-loan, for $10 million, and immediately applied to the Treasury Department for between $1.1 billion and $3.4 billion.

What can one say except that it's unfortunate that there isn't a Hell, because the people running these companies certainly deserve to burn. As do those who took out sub-prime loans. Don't give me any crybaby stories about these people. If they didn't have enough sense to know that they were committing themselves to loans that they couldn't afford, then they deserve what they got. The people I do sympathize with are those renters who are living in properties that are being repossessed. It's not reasonable to expect them to know the financial status of their landlords, and they are just flat getting screwed.

The last few days, there has been a lot of noise in the media about Obama's plan to turn the economy around. I'm skeptical. When you have people like Lawrence Summers as head of the Council of Economic Advisers and Timothy Geithner as Treasury Secretary all we can expect is more of the same.


Blogger David Matthews said...

I think you are absolutely right after those insurance companies.

While I am willing to wait until Obama assumes office before passing judgment, I am not reassured by the prominence of people like Summers and Rubin among his economic advisers. I would be hard-pressed to question your skepticism.

8:44 PM  
Blogger David Matthews said...

I wish you could go back and edit those damn comments. I intended to say you are "right about those insurance companies," not "right after."

8:45 PM  

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