Yes, you heard it right -- the president who wants to make America like France is not Obama, it is our dear old "W".
From the article:
In pressing the bank executives to accept partial government ownership, Paulson's message was clear: Though officially the program was voluntary, the banks had little choice in the matter. In exchange for giving the Treasury minority stakes, the nine firms would jointly receive an investment worth $125 billion. The government would make another $125 billion available for the next 30 days to thousands of other banks and thrifts across the country.
Federal officials set conditions, telling the banks they could not raise their dividends without government permission and could not offer their executives new retirement packages, though the old packages would remain intact.
Paulson told them the moves would shore up confidence in their own institutions, spark lending throughout the system and send a message to smaller institutions that there is no stigma in accepting federal funding. Though some were reluctant, all of the executives complied.
And of course, some unpatriotic americans are appreciating this socialistic move and actually feeling good, thus improving the DOW index. How shameful!
The DSwithJS report is below:
and some advice by Wyatt:
And here is the coal bear, promoting a salt-based economy :)
But seriously, all those of you who believe that giving rich people tax breaks will lead to wealth "trickling down" and regulations are a bad thing -- you either START PROTESTING AGAINST THE SOCIALIST GOVT IN USA, or SHUT THE F**K UP FROM NOW ON!!
Seriously, I respect the GOP guys who chose to follow their ideals of free market and want to complete the experiment that started 8 years ago -- I might not agree with them but they atleast have the cajones to face the consequences. Those who wanted "free market without regulations" and now want "economic help from the govt" can get lost!
On a different note, this bittersweet segment from NPR reminded me of one more thing that is common between people of India and Pakistan -- arranged marriages.
And on a more certain note, my India trip is confirmed! Landing in Delhi on Dec 13, leaving on Jan 10 [or so my tickets say :)]. Details to follow. Would love to meet you this time.