Will RogersWhere congressmen used to carry suitcases full of money away from Washington in the past, today it’s boxcars full of money! When “old man interest” starts gnawing away at us, the big boys roll the empty freight cars to the capital for help.
Requirements and intent of a Federal program such as TARP, don’t make much difference if you know your way around and through the bureaucracy. It also helps if you know how to schmooze the White House.
Put together a team of lawyers, and you can find loopholes big enough to drive a freight train through. Of course it takes a little cooperation from brilliant government economists and wise bureaucrats, who know what’s best for their party and country, in that order.
Let’s try to follow this. GE can qualify to participate in the banking bailout. It isn’t a banking company, however it does own two small banks in Utah, so it qualifies. Since it isn’t a bank, however, it isn’t subjected to the Fed’s stress test or rules for limiting risk. Also, they aren’t subject to restrictions such as limits on executive compensation.
I don’t think GE is necessarily an evil corporation. I think they are responding to a Federal Government that is threatening their business with overregulation by bureaucrats and partisan administration officials that don’t have a clue how to manage an economy. GE may be too big to fail, but the current administration has failed in common sense and integrity.
You might be able to pack a couple of hundred grand into a large suitcase, but GE rolled out of the station with boxcars loaded with the lion’s share of the $340 billion program. Meanwhile, old man interest is still gnawing away.
Here’s the referene: General Electric Major Recipient Of TARP Loans
Image Information: This image is from a Will Rogers’ silent movie called An Unwilling Hero, released in 1921. Rogers plays Whistling Dick, a hobo who loves life and classical music. He loves just about everything except work.
The image was taken directly from movie stills at the Will Rogers Memorial Museum archive. I apologize for the quality of the image, but this is exactly what the 1920s photo looked like when I scanned it. In the hundreds of images contained in this iPhone application, I wanted to share as many different Will Rogers photos as possible from as wide a variety of times and situations – movies, cowboy, vaudeville, with famous people, and family scenes.
Will Rogers is a man worth remembering, and quoting. His wit, humor and insight into life will amaze and astonish you. His life will inspire you. Watch for new blog posts from my Will Rogers quotes collection.
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