Paulson is the worst treasury secretary ever, and Bernanke is the worst Fed exec ever. I am glad they aren’t touching anymore of that money. Obama is going to bail GM out on January anyway, so whoop ti do. It’s my birthday today. I’m only asking for a grand. That is a molecule of a drop in the bucket. They need to hook me up.

Not to trivialize the crisis, but it could have been far worse.

Only 17 banks have failed, and 16 of those ended up being purchased by other banks. The FDIC did not have to put up much at all to cover depositors.

I would agree with Paulson that the bailout worked. Not that long ago, panic ruled. We ended up averting the depression-style runs on banks.

I’m not surprised that the present administration is holding off on a GM bailout. It’s not clear whether a bankruptcy (which would allow a bankruptcy judge to review GM’s labor contracts) would be healthier for the company than a bailout, which might merely postpone the inevitable.

The banks and a large insurer were not bailed out to keep them in business, per se. They were bailed out to protect the depositors, the insured, and the system as a whole. One cannot make the same case for GM or Ford.

What Paulson is really saying is that people like sheep will follow anybody or anything as long as it it leading. Problem is he has run out of ideas on where to go, so he will let Obama take over just incase this whole thing blows up and it might.

GM should have no problem convincing congress to give some dough. After all what are the alternatives.

Lay everybody off, shut down the plants, have all the little companies associated with the car industry do the same. Then have all the ex employees line up for unemployment and retraining for new jobs….what new jobs??? in what industry ?????

In the mean time Americas money will flow overseas to Chinese car makers just like their money goes to foreign oil…DUH even a bubba like GW Bush should be able to cipher that out uncle Jed.

BUY AMERICAN…If you can still figure out what the hell they still make.

I guess my birthday present is being the only commenteer. Thank you Bing for your blog, you have brought me alot of laughs and insights on my 27th year!

Gee Stash, I guess now that Obama has been elected to take over on January 20, 2009, the washed out Bush Administration will just ignore the urgent business at hand from November 4, 2008 to January 20, 2009.

I can just see the pardons, parting shots, and the laying of mine fields for the fledgling Obama Administration; never too soon to create sniping hazards to gain early casualties.

With the ardent politics that have taken place in the past 20 months, it isn’t hard to imagine the pent up emotion in many of the displaced…..

No matter what form of integration is implemented, the fireworks can mimick the grand slam with bases loaded in the bottom of the ninth in game seven of the World Series winning the game 4 to 3. Amen.

Mr. Paulson and this Bush administration is just being true to their ideals: help the rich (bankers and AIG bigwigs) nevermind the poor (blue collar workers at car companies.

Bing…with all due respect (as you recently stated to me), you have no idea what you’re frigging talking about. You, and corporate America, are so far removed from the realities of Main Street America, that you continue to confuse your personal financial comfort concerns with those of middle America.

I fully expect that you will take the limp-dicked approach, and delete all posts contrary to your limited and self-serving view, but at least you (or one of your corporate lackeys) will have to read statements that reflect what most of America regards as self-evident…that expanding and supporting corporate greed through taxpayer handouts for incompetence is no path out of the mess we’re in. Not much satisfaction from this end, but at least you, or one of your timorous syncophants, will know that your world has finally sunk below used car salesmen in terms of universal public esteem.

Finally, fearing being one step from flinging fries at the local ‘In&Out’ joint may play well while swilling $20 cocktails in some high-end Manhattan watering hole, but it is a daily reality for millions of Americans who invested billions in now collapsed 401K plans.

I am proud to announce the opening of Parachute Community Bank, and in keeping with industry standards, have applied to the Feds for some of that free bailout money. With the $500 million from the government (my heartfelt thanks to all you great taxpayers) I will be able to employ at least five people. There should be enough money remaining to lend to a buddy of mine who wants to put 50% down on a condo. My lending criteria are very strict (none of that subprime action!) so he will have to qualify for the loan. The balance of the cash I will keep for a rainy day. You never know when you might need it!

One other thing Bing (and please correct me if I’m off base in this) what the hell do you know about Vietnam (or military service for that matter)? Didn’t you have some sort of deferment when the rest of us ‘the great unwashed, i.e. ‘too poor to afford college” ended up in uniform during that illustrious era of American history? After all…like Dick Cheney, your valuable services were needed in ‘other capacities’ at that time.

Sure, intentions and positive thinking sometimes yields results, but this doesn’t seem to be one of those times.

For example, we learn that banks are too afraid to lend to other banks. What can you expect of positive sounding assertions when the hearer’s savings are basically on loan to a bank?

It’s like the unemployment extension that was signed by Bush Administration. One would think that would mean your benefits keep coming once your account is drained. Naw! You have to reapply and then wait several weeks for them to decide if they want to give it to you. The economy is in a hole and they expect you to wait several weeks to pay your bills. It just doesn’t make sense how they think people can wait over a month for that money.

It’s really messed up!!! Paulson’s decision just adds to the *&%&*$ decisions that they sometimes make.

Hey Josh!

I knew I was older than you by your commenting on previous blogs. Anyway, just wait til you leave your 20’s. Your prespective in life might change a bit. Enjoy what you have left of your 20’s.

Mike, you really need to take a chill pill.

As a veteran metallurgist once said to me (a junior metallurgist) when welcoming me to the profession. “The only thing America makes anymore, is hamburgers.”

Bill Maher recommended dumping the remainder of the bailout from a plane flying across the US where we’d all have a chance of getting a few bucks back – Bing maybe you will get your wish!

Mr. Paulson’s declaration needs a contradictory background image akin to the overloaded helicopters barely lifting from the embassy rooftop in Saigon. Oh, I just checked my 401(k) statement. There it is.

paulson is a criminal … all he did was lie to congress…check the earlier videos.

throw him and his cronies in jail