Tuesday, September 16, 2008

Socialism for thee

but not for me?

Well, the Fed is going into the insurance business, loaning AIG $85bn for an 80% stake. The article says that "until this week, it would have been unthinkable", that's pretty quick for something to become thinkable.

The Fed courteously informed Congress of the facts, and AIG shareholder approval is said not to be necessary, in fact, no more necessary than that of Congress.

Now for the hard truth. This may come as a shock to many, but Blog Simple too has been undergoing 'hard times'. We've been looking for a solution, putting up a PayPal button, blegging directly for funds from our readership, but as the financial crisis grew it became obvious that only direct intervention by the Fed would be enough to bail us out. Hence, we have signaled to Bernanke and Paulson that unless the unthinkable is once again thinkablized, and saving drowning blogs is recognized as being essential to international financial markets, we might have to shutter our virtual doors, and let the chips fall where they may.

Blog Simple assures you, our readers, that when we do give up an 85% stake for varied billions, it will have no effect on our editorial policies or reporting. That is our pledge!

UPDATE: It's confirmed! Bernanke says the check is in the mail.


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