Thursday, October 02, 2008

And yet more "Bailout"

Upset that the government hasn't given the thugs on Wall Street their $700 Billion yet? So was Wall Street. The Dow plunged on Monday when they learned they wouldn't get their graft money.

But did you notice this? The Federal Reserve printed took $630 Billion from the vaults and sent that into the system on Monday. I'm not making that up. Wall Street didn't get its $700 Billion, but the financial system as a whole got $630 Billion. And it vanished, again.

There's no point in giving them any more. And adding $150 Billion of pork for individual Senators for such things as removing the excise tax on wooden arrows for children (still not making this up) does not make the bailout "sweeter". It makes it bigger and more...porky.

Fed Pumps Further $630 Billion Into Financial System

The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry.

Don't give them any more money. They lost the last lot and they'll lose this lot too.

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