Hennessy's View

Share this post
Bailoutmania Could Bankrupt US Government
www.hennessysview.com

Bailoutmania Could Bankrupt US Government

Bill Hennessy
Nov 11, 2008
Share this post
Bailoutmania Could Bankrupt US Government
www.hennessysview.com

Once responsible companies are now basing decision critical decisions on government handouts. This is this is an expected, but unplanned for, result of the Paulson’s Panic in September. Says the Wall Street Journal:

The rescue efforts are “evolving in ways that I don’t think anyone anticipated,” said Camden Fine, president and CEO of the Independent Community Bankers of America, a trade group. “Things are just hitting them from every single direction, every day, and I don’t think they know whether to spit or go blind.”

In the past 2 business days, GM and Ford CEOs crawled and groveled before their masters in Congress, Reid and Pelosi; AIG received another $25 billion of our money to flush down yet another crap hole; American Express became a bank to apply for government money. From WSJ.com:

On Monday, mortgage giant Fannie Mae said it is losing money so rapidly it may need a cash infusion from the Treasury Department by year’s end. The funds would come from a special $100 billion pool Treasury set aside back in September to aid the company. Fannie Mae had a loss of $29 billion for the third quarter.

The money, though, is running out. Expect US Treasuries to be downgraded before Obama takes the oath.

Then we’ll be in a world of hurt.

Technorati Tags: bailout

Share this post
Bailoutmania Could Bankrupt US Government
www.hennessysview.com
Comments

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

TopNewCommunity

No posts

Ready for more?

© 2022 Right Press LLC
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing