Obama’s Bailout – Ever Primed a Pump?

Posted on | February 7, 2009 | No Comments

Yes. The bailout bill – or should I say the first bailout bill under President Obama – is about to be voted on this upcoming Tuesday. Yeah, some schools will get upgrades, some lower class kids will get better educational opportunities. And the coast guards will have to go back to using their utility knives to scrape the frost off their windows of their boat windows while looking for drug runners because sometimes, sadly, things have to be cut.

But here’s the part you have to remember: this bailout does not get us out of our economic jam. This bailout does not create as many jobs as advertised. If they are, they’re lazy government jobs (so, a government job) that further takes us away from a democracy and closer to a liberal social hierarchy. Do I sound cynical? Well, it’ll depends.

What you have to remember is that when you’re running a bailout to “prime a pump”, that one prime never works. Ever try to prime a pump before? Even priming a lawnmower engine? Does the motor ever work on one try? No.

Eventually, harder issues will have to be addressed. Obama n Congress will have to work on not only shoring up the credit issues of the finance institution, but work on policing the industry. It’s still the wild west on Wall St. Always has been. How couldn’t they operate as cowboys? Why do you think Europeans can call us cowboys this many years after the death of John Wayne? You make enough money for enough people and a blind eye can afforded to be turned.

The industry’s accountability – like all business accountability – is based on a near-400-year-old formula designed by a sickly French academic who couldn’t get up before noon and who was too afraid of the Man to speak his peace.Then again, if I’m Rene Descartes n I’m workin’ in 17th Century France, I’m probably presenting an image instead of my essence. Some things never change.

Anyway, an industry as greedy as the finance industry probably had a few people over the course of 400 years figure out how to make A=SE+L work to their advantage. Especially when billions of dollars are to be had.

I’ll continue to dance along why A=SE+L needs to be monitored a little more closely and why the perversion of this formula has helped lead us to our current crisis. And, a couple of 200-level accounting principles will be introduced to better explain the A=SE+L tricks.

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