Monday, September 22, 2008

Are You Smarter Than a...

Wall Street CEO?

My bet is that you are. Everyone I know certainly is.

Here is my argument. Would you pay two times the sticker price of something at the store?...say eggs, just because you are friends with the salesman and have known him a long time and because eggs used to be a lot more expensive? Would you pay two times the sticker price on Sunday afternoon when you knew the eggs would be going on sale for 1/2 price on Monday morning? (effectively paying 4 times the price?).

Well that is EXACTLY what Bank of America did a week ago Sunday. BoA agreed to buy Merrill Lynch for twice the price you, I or anyone else (if we had the money) could have bought it for the prior Friday afternoon. The price BoA agreed to buy Merrill Lynch for was likely 4 times or more what anyone with a pulse could have bought it for the following Monday morning (if BoA hadn't announced the plans to buy on Sunday).

That is the level of stupidity that Congress (both Democrat and Republican) and the Executive Branch (primarily Hank Paulson, Secretary of Treasury and President Bush) want to support and encourage with their latest "bailout" plan. The math, the concepts etc. really aren't as complicated as Hank Paulson, Ben Bernanke, Barney Frank and others are trying to lead people to believe. Anyone who earns more than they spend, maybe has a loan that they make payments on, can easily grasp where these guys went awry.

I could rant about the bailouts for hours on end. Instead, I called my Representative in Congress as well as the two Senators from my state to lodge my complaint. Unless you feel that you need to be saddled with another $40,000 or so of debt, and that these idiots deserve to continue to make $50 million dollars at year at your expense, I suggest you do the same....pst "pass it on".

Members of the House of Reprehensibles (BTW...all are up for reelection in November) can be found HERE

Your State's two Seniletors can be found HERE

too bad I don't have 100,000+ hits a day like Barry does...

-end rant

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