[kj] OT- I couldn't help but to think of the West

T.B. Partyslammer at socal.rr.com
Sat Mar 15 13:13:04 EDT 2008


"ade" wrote:



> Enron?

>

> I'll partially requote myself on that one:

>

> "if you know the right people anyway."

>

> Yep, I think it still stands.


Enron was one of Bush's biggest sponsor of his political career dating back
to his Texas Governor days. Kenneth Lay was a pretty good friend of Bush
jr. Enron through ties with the government basically was getting a free
ride via exemptions from various Federal energy regulations as well as being
able to spearhead deregulation. The fact that Enron after all this still
had to criminally miss-state their assets and earnings after all these
favorable handicaps which led to bankruptcy goes to show that even having
friends in high places only goes so far.

In this case of several lending institutions getting aid from the Feds, I
don't think it's so much knowing the "right" people, it more the fact that
if major banking institutions start going under, it will have a tremendous
domino effect on every facet of our economy. As it is, bailing out banks
with billions in bad loans with federal money is only going to further hurt
us in the long run as it further weakens the dollar which in turn supports
continued astronomically high oil prices. IMO, it's a stopgap measure
designed to get Republican votes through the next election at which point,
it'll be likely left as a huge mess for whoever the Democratic President
will be to deal with.

T.B.



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