Friday, September 26, 2008

One more boring bank thought before I leave for the weekend

I watched Bush's speech Wednesday night. How could I not? I was all set to watch David Blaine perform a non-trick for 2 hours, but it was being interrupted. So I decided to listen to the message. After all, he was speaking to the American public, and I'm the American public. I figured he'd dumb down the words to make it easy to understand for the lay person, and true to form, he did exactly that. But one of the things he said stuck out to me.

I'm paraphrasing here, but in regards to Fannie Mae and Freddie Mac, he said their downfall was the result of the perception that they were being backed by the Federal Government which caused questionable investments. You know because hey, if your investment is being backed by the government anyway, who really gives a fuck if it fails? He may or may not have said fuck.

Okay think about that for a second. Let the words stew around in your brain.


Uh, hello, they WERE backed by the government!!!! They failed and the government bailed them out! Maybe that wasn't the design, but that's exactly what happened.

Am I the only person who finds that funny? I'd have to be, right?

Okay, have a good weekend.

Labels: , , |