The vice presidential candidates had a personality contest last night, and the masses are repeating the conclusions of the analysts.
The government is going to have to take, borrow, or print $700 billion (some say it’s closer to $850 billion) to mitigate the natural consequences of unsound business practices. This is supposed to be good and essential for the economy. Opponents to the bailout bill tried to tank it with embarrassing riders like earmarks for wooden arrows and rum, but their peers lapped up what was intended to be an unsupportable pile of manure.
The traffic outside Asheville’s Obama headquarters would lead one to believe he’s the only guy in town with gas.
The government wanted to sell Wachovia. Citigroup offered to buy it on the cheap with government money. Wells Fargo stepped in and offered to pay more with private dollars – and won! Shareholders rejoiced. That’s enough good news for the day. Now it appears new tax laws could allow Wells Fargo to write off the entire cost, and Citigroup is claiming it had an exclusivity contract for Wachovia’s purchase. Since Wells Fargo is new to the area, layoffs might not be as bad as anticipated under the Citigroup offer.
