One day after getting authority to be designated a bank holding company, American Express indicated it was looking for $3.5 billion in federal bail out money.

 

Secretary of the Treasury Paulson gave a news conference today and announced that the $700 billion resuce plan was "working".  However, the taxpayer funds allocated would not be used to buy "illiquid assets" (otherwise know as investments that no one else in their right mind would buy) but would instead be used to buy stock in banks and other financial institutions.  After the news conference, the stock market fell a further 200 points to close down 411 points.  The NASDQ closed at the lowest level since 2003.

 

Barney Frank announced that the House Financial Services Committee would propose legislation to use part of the $700 billion bail out for a bridge loan to the Detroit automakers.  This must be the new "Bridge to Nowhere."  When asked why Detroit cannot compete with Toyota, BMW and Volkswagen, Dick Army replied that the real question was "Why can't Detroit compete with Alabama?" where foreign auto manufacturers are building cars at a profit.  Somwonw might also ask why GM, Ford and Chrysler make money on the cars they build overseas.

 

Isn't there an adult anywhere near Washington, D.C. that can stop this madness?

 

It should be blindingly obvious that Paulson has no idea what he's doing, that the Democrats are not bailing out failing auto companies but their UAW supporters and that Congress is rushing headlong into bankrupting the country?