Les Banques?

We need to own them too…

Under TARP, the Troubled Asset Relief Program, the U.S. Treasury will now partially nationalize the banking system by buying equity shares. For the first time since the Great Depression, the government will buy an ownership stake in a broad array of U.S. banks. Last night, in the ongoing FAIL parade, Treasury Secretary Hank Paulson declared, “This is a period like none of us has ever seen before.” That should give everyone the warm and fuzzies.

President Bush addressed the nation from the Rose Garden earlier in the day, saying "Our system of credit is frozen, which is keeping American businesses from financing their daily transactions and creating uncertainty throughout our economy. This uncertainty has led to anxiety among our people, and that is understandable. That anxiety can feed anxiety, and that can make it hard to see all that is being done to solve the problem."

Translation: “We have failed miserably. The S.S. FAILboat has capsized, but please stop panicking, you’re making it difficult for us to blow up the little yellow, plastic life rafts and water-wing thingies.”

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"What's good for General Motors is good for the country."

General Motors, having already achieved the all important To Big To Fail status, is backing up its FAILtruck to the doors of the Federal Reserve and will kneel at the begging bowl. Again.

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The auction of Lehman Brothers credit default swaps went off without much of a hitch. With a price of 8.5 cents on the dollar and no one failing to post collateral, this should be seen a positive. Sort of like after getting repeatedly kicked in the balls and punched in the face, having enough of that, walking outside and being happy that a piano didn't fall on your head. Any piano-to-the-head-free day, is a good day.