It's cold in Iowa. Brrrr. I miss Texas.
As I was walking into work this morning. In the cold. In the dark. Through the slushy parking lot. A thought occured to me.
Our bedrock financial institutions these past few months have been sort of in a panic. Everyone knows that all bank customers are operating on the fiction that their bank is solvent, meaning that if we all went out to withdraw our money today, the bank would not be able to give us the money.
For the last few montht it seems like the Federal Reserve, and the US Treasury Department have been brainstorming ways of getting everyone to calm down. They forced a hostile takeover of Bear Stearns. Then Lehman went bankrupt. Then we saw all these moves where someone in a suit tells us that everything will be okay with X-billion dollars.
Question: How are you going to fix the problem Mr. Bernake?
Answer: Magic
Question: How are YOU going to fix the problem Mr. Paulsen?
Answer: Magic
Everyone who is trying to 'fix the problem' reminds me of the character Gob Bluth in Arrested Development.
For those of you unfamiliar with this character - here are a couple of video clips. You'll recognize the similarities between Gob, and our fiscal leaders.
The clip I was trying to find is right around 1:20 on this first clip.
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