Sunday, 5 October 2008
On the Lighter Side
From the “how NOT to do Wall Street PR” department
The photo above accompanied CNN’s Friday story about the House passing the financial rescue bill. I know the intent was to show Wall Street's jubilation. But what we got was this well-fed trader who appears to be laughing at, not with, the U.S. taxpayer (especially since the market took a dive Friday).
How to make your own financial crisis. Step one: get a snow blower. Step two: fill it with money. Step three: turn it on.
“I wouldn't have loaned me the money. And nobody I know would have loaned me the money.”
-- Clarence Nathan, as quoted in the New York Times. Nathan had no job and no assets, but received a $450,000 mortgage.
My favorite 15-word analysis of the Paulson plan, which Congress passed, to buy hundreds of billions of dollars of toxic financial assets:
Throw a trillion dollars down a rathole with no debate and no alternatives considered.
-- poster Jeffrey Knoll, in the comments section of Econbrowser.