Friday, October 24, 2008

Where will it stop?

Bailout expanding to insurers
The Treasury Department is dramatically expanding the scope of its bailout of the financial system with a plan to take ownership stakes in the nation's insurance companies, signaling new concerns about a sector of the economy whose troubles until now have been overshadowed by the banking industry, government and industry sources said.

Insurers, including The Hartford, Prudential and MetLife, have pushed the Bush administration to include them in the plan. Many firms have taken losses from mortgage-related securities and other investments and are struggling to replenish their coffers.

Free money! We want free money for bloggers too! Here too the coffers are empty, here too we had mortgage-related securities and other investments with unforeseen losses. Emergency! Calling Paulson on the BatPhone.... HELP!!!1!

The bright side: insurance companies are a great investment. We will all definately make a profit in the long run.


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