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October 24, 2008

tax money: it’s just not for running the government anymore!

Finally, some of the money authorized to help deal with our current financial crisis is being put to work, helping to address the single biggest problem facing us all:

There are not nearly enough bank mergers.

With an upcoming infusion of $7.7 billion of your money, PNC Financial will acquire National City Corp to become the nation’s fifth largest bank.  

That feeling you have right now?  That’s called “pride.”

And with any luck, it won’t end there.  It is believed that the infusion of your money could lead to a wave of bank mergers, as the powerful nationalized banks take over weaker private ones. 

 “Hold on,” you are no doubt saying to yourself, “I sure hope that in addition to using my money to create banking empires that enrich their owners, they are going to raise the fees that I pay.”

Well, it wouldn’t be much of a bailout if it didn’t, now would it?

This does raise a question of fundamental fairness.  If we can give your money to banks to finance market-consolidating mergers shouldn’t other companies get a chance to use your money to do the same in the hope that they, too, may one day dominate their industries?

Don’t be silly, of course they should.

In fact, General Motors is going to be looking for some of your money to help it merge with Chrysler Corp.  This would help transform GM from what is today the nation’s largest automobile producer into what would be the nation’s more largest automobile producer.

And, as long as we’re already using your money to fund mergers and also fund investments in equipment, we might as well use it to fund auto loans as well.

It’s just the capitalist free market at work.  Well, except for the capital. And the market.

But, hey, at least it’s free!

Just not for you.


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October 24, 2008 at 08:54 PM in Current Affairs | Permalink


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Well that is good and all, but do I get a free checkbook and pen when I sign up for a new account?

I don't need the tshirt.

Posted by: Tom | Oct 25, 2008 7:15:32 AM

Forget about, "In God We Trust", and "E Pluribus Unum". The new Obamarx motto for the US is, "From each according to their abilities, to each according to their needs".

It's nice that the transition from democracy to socialism has been bloodless ... so far.

Posted by: AnAverageAmerican | Oct 24, 2008 10:15:57 PM

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