Two pieces of news that stuck out for me this morning:
- Developers ask for theirs and
- Bankers shrug
I am of course adding my own spin to the headlines. The first is home developers wanting a piece of the bail out. Once you crack open that bailout door, everyone wants to come out of the storm. If it is worthwhile saving Wall Street bankers and the auto industry, how can you then say no to developers.
The second is that the Bankers don’t know or aren’t saying how the initial bailout money was used. We would like to believe that they know how it was spent but just don’t want to say. However, given their track record in handling money, it is quite possible that they just don’t know. Or maybe they are just befuddled. They’re looking at each other pointing at the pile of cash from TARP and going,
“Get a load of this.
We blew a quazillion dollars by giving money who had no way of paying it back for buying homes that were worth a fraction of the loan.
And the American people’s response? Here have some more, big boy. We shoulda blown 2 quazillion dollars. ”
Yes, the inmates have finally taken over the asylum.