Boy, are we putting one over on those Wall Street dummies. House Republican Whip Roy Blount just went on All Things Considered and said that everyone should vote for the $700 billion bailout bill because it's not a bailout. He explains that what the government is really doing with its $700 billion is buying assets at their lowest point. Once the government buys these assets, whatever they are, their value will go up, and the government (i.e., the People--i.e., you and me) will make money. Lots of money, one assumes, since for $700 billion, the government should be able to buy a hell of a lot of whatever the hell it is that the government is buying.
The important thing is that we all agree not to tell anyone on Wall Street what the government is doing. I hear persistent rumors that those boys on Wall Street are not in business for the fun of it; they're in business to make money. So if they get even a inkling that they are selling these assets for less than they are worth, they may not sell them at all. Wow, we would all be disappointed if that happened!
Also, let's not be cynical and think, even to ourselves, that perhaps the current price, whatever that may be, of these assets, whatever they may be, reflects the market's (whatever that may be) judgment as to the likelihood of the price of the assets going up or (silly me for even mentioning it) going down.
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