October 03, 2008


One bad mutha...SHUTCHOMOUTH !

This just in:

Wells bids $15 MMM for Wachovia; scuffles with Citi

Reuters, Friday October 3, 2008

NEW YORK - Wells Fargo & Co agreed to buy Wachovia Corp for about $15 billion, upstaging a government-backed Citigroup Inc bid for Wachovia's banking assets with a deal that would catapult it into the top ranks of national consumer banking.

Citigroup demanded Wells Fargo drop its surprise bid, which comes four days after Wachovia preliminarily agreed to sell its banking assets to Citi...

I am a Wachovia customer. As I have deposits that amount to half a gnat's turd in the grand scheme of things, I have not been worrying much in the face of news about the bank's travails. But now I'm inclined to go get mine, slide (not stuff) it into the mattress and let these assholes duke it out without me.

But the BIG economic news, of course, is that the Bush Bailout+ finally, after five grueling days of uncertainty for Wall Street and its minions, slithered its 451-pages of graft through the House, which had wisely slapped down a much trimmer bill earlier this week.

Many economists are regarding October 3, 2008 as a date that will live in infamy. I use that turn of phrase to point out the irony of how the world's richest man, as told to Charlie Rose on Wednesday , regards the entire U.S. economic situation.

So, what are we being bombarded with? How about the "Exemption From Excise Tax For Certain Wooden Arrows Designed For Use By Children" which, appearing on page 301, is among hundreds of tax relief sausages cooked up on the big Congressional barbe-queue [sic]. The EFETFCWADFUBC, as I will fondly dub it probably just this once, applies (I think) to manufacturers of "certain wooden arrow shafts...consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type which after its assembly (1) measures 5/16 of an inch or less in diameter and (2) is not suitable for use with a bow as described in bullah, bullah, bullah..."

What is this saying about Congresspeeps who, finding Monday's 108-page version of a free (and credit) market/home/business-saving $700 MMM financial rescue objectionable, switched their nay to yay for the fattiness that includes a children’s wooden arrow excise tax exemption in it? Only that as usual, they are all too willing to give their constituents the shaft.

With a h/t to DCup - "Because what goes around comes around"

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It's going to get a lot worse, I fear.
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