Stop The Looting

"It's the economy stupid." That tag line from the 1992 campaign resonates today. Ironically, the author of that line, the Ragin' Cajun James Carville, is now immune from the vagaries of the economy. He and his wife, Mary Matalin, as architects of Presidential triumph, have ascended to the land of economic milk and honey.

Now, we have the Fed backstopping J. P. Morgan's bailout of Bear Stearns. Who gives a shit about Bear Stearns? Why can't we let the big banks fail? Why does the treasury have to be looted to bailout the idiotic business decisions of a small class of elite bankers?

I just heard last night that the plumbing subcontractor who does work for a developer friend of mine has laid off everyone except for his son in law, parked his trucks, canceled the auto insurance and is trying to survive. Work has dried up. Perhaps this afternoon the Fed will bring a truck load of money to Mitchell and Sons Plumbing. Nah...don't think so.

I am willing to wager that the CEO of Bear Stearns, who stepped on his dick with his inept management and big bets on CDO's will make many millions of dollars in compensation this year.

So, lets loot the Federal Treasury to support Bear Stearns and lets send $600 to hapless out of work plumbers.