Posted by
drpete on Monday, March 30, 2009 1:15:23 PM
This morning I received a market update from a New York City large investment bank pro, also a member of
GetAmericaRight. He said,
"My opinion:
We have now entered a very dark and scary hole, which is likely not
very conducive to increasing investor confidence." He was referring to President Obama's latest pronouncements
vis-a-vis General Motors and Chrysler. I immediately published the line as a second
Quote of the Day on
GetAmericaRight.
The financial pro popped me a follow-up e-mail, "Other people on the desk don't seem to think it as scary, given it's not exactly like the 90% tax debacle. I understand someone giving loans on stipulations, but it's one thing to answer to investors; it's another thing when you have to answer to Uncle Sam. Theoretically, firms work in their best interest... and with that, GM would have fired Wagner a long time ago, if they thought it to be in their best interest... and the Chrysler/Fiat deal would already be done."
The "dark and scary hole" to which he referred, I think, is the "black hole" that is radical socialism and radical fascism. GM and Chrysler leaders -- and everyone else in the private sector -- have just had it made crystal clear to them that it matters zip what is their best interest or they believe their customers want. The only thing that matters is what the federal government wants.
Many of us have for at least six months questioned only when, not if, this day would arrive and this line would be crossed. We now have much more than the camel's head under the tent. The camel herd is in and ruling the tent. There is no longer even any pretense that we are a "nation of laws". We are a nation of men, radical, Saul-Alinsky-inspired, socialists-fascists all.