Wednesday
12Nov
The Line for Bailouts Begins Over Here
Wednesday, November 12, 2008 at 11:57Please take a number and kindly wait your turn.
"Now serving number 4,657"
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Reader Comments (6)
Where do I go to get my free stuff? No one will tell me.
I want my free stuff. I'm entitled to it, because...well...just because.
Screw the ones who actually earned it; hand it over.
This BL Rag is going bankrupt... 2 or 3 billion dollars would probably set us straight.
::: crossing fingers :::
This next deal fits in the Funny/Sad category:
Do you suppose she has any idea what a ridiculous figure she is?
From Malkin's article, quoting a local newspaper:
So, regardless of her personal conduct (which is surely despicable), it's completely legal to make the request on behalf of the city, right? It isn't as if she's getting paid off to some personal account, right?Are you suggesting that elected officials can't represent their constituents in areas in which they've personally screwed up? That's an intriguing notion, but it's going to create a pretty long list...
I've had a couple of businesses fail in my life. Nobody bailed me out... wonder if there is retroactive bailout money available...
Setting the whole bail-out thing aside, what I found interesting about this is that the article talks about how American Express makes money by bundling credit card debt and selling it as a security. I find this very interesting because the reason credit card companies are allowed by law to charge a higher rate of interest to their companies as opposed to mortgage lenders or sellers of car loans is that they are supposed to be offering very short term debt.
But what this article seems to imply is that the credit card companies admittedly are in the business of creating long term debt that can be bundled and sold as a security. It seems to give validity to the grievance against the credit card companies that they are in business to get customers to spend more than they can afford to pay back in a given period and carry large balances at a very prohibitive interest rate. Which when challenged is exactly the opposite of what credit card companies claim is their business model.