Paulson’s Plan Explained
By: Bernard Chazelle
Me, big banker going bankrupt! Hey, taxpayer, wanna buy my shitpile? Sure, how much is it worth? 80 cents to the dollar! Yeah, right, that crap is worth 10 cents to the dollar. I say 80! I say 10! I say 80! I say 10!
Paulson: Quiet children. I say we determine the price by asking a neutral, objective, trustworthy expert, like, say, another big banker going bankrupt! So what do you say, other big banker going bankrupt? How much is it worth? I say 90 cents to the dollar!
Congressional Chorus: That’s a deal!
Pelosi, Frank, and the rest busy writing 700 billion checks: “How do you spell 90?”
— Bernard Chazelle
Posted at 03:55 PM | Comments (7)