9/23/2008

The Rescue Plan

As our wonderful elected legislators pose endlessly for TV cameras and pontificate gloriously about what should be done, the house is burning. Their kids are at the deep end of the pool and can't swim but instead of jumping in to rescue them they look around for a cute lifeguard. If you don't get that there ain't no money in the system and that until there is we have nothing, then you are a part of the problem. Keep in mind that every single legislator has been told since 1992 that Fanny and Freddy were going to collapse and their response was to turn it into an entitlement program.

We may not make it through the weekend. You fuckin' A Know that this is a real crises, one that we have tools to fix but our elected political class will not act.

Late Add: Think we're not running out of money? BofA just cut off all credit to McDonald's, not because of any credit problem but because they don't have any money to lend.

3 comments:

Doug_S said...

Oh shit! Fewer McDonalds will be built. No new products introduced this year. Good reason for every man woman and child in America to send 81,888 to wall street.

Sawbuch said...

Howard:

Man up! BofA cut off NEW credit lines to NEW McD's franchises. That isn't a cut off of McD lines of credit - it isn't even in the same neighborhood.

Panic is what will bring the storm down. Steady, man, steady.

Howard said...

I admit to being too quick to post and not being clear...BUT not lending to any new McDonalds franchisee is unheard of. By definition, anyone approved by McDonalds is financial gold. My uncle's son in law is a McDonalds franchisee and he tells me that he got new credit on a phone call because McDonalds credit is golden. This IS a big deal, lending money to a new franchisee is handled by a teller, that's how good the credit is assumed to be.