Bailout Nation

I have this image in my mind of an American cowboy: Rugged, independent, self-reliant. I picture him on a cattle drive, depending upon only his own wits, his horse, and his trusty Winchester to get by.

This vision of the American past is fast becoming a myth, rendered moot by the present day cowboys. The difference between the two -- not the smell, which is surprisingly similar -- is that the current cowboys have a different cavalry in their back pockets: Uncle Sam.

Indeed, as time goes on, we have become less independent, and more reliant upon the Federal Government -- especially the Federal Reserve -- for Bailouts.

I've been pondering this for some time now, and the longer I think about, the longer the list grows.

Consider the following:

- Great Depression

- Chrysler (1979)

- Steel Industry (date?)

- National Flood Insurance

- Savings and Loan Crisis (1980s)

- Long-Term Capital Management (1998)

- Farm Subsidies (run amok)

- Airlines (post 9/11)

- Dot Com crash (2001)

- Hurricane Hugo, Andrew, Katrina, and other not-so natural disasters (1989, 1992, 2005)

- Housing (2007)

- Bear Stearns (BSC) (2008)

- Sub Prime (continuing)

What other bailouts have I missed?

There must be dozens. I am particularly interested in those situations where the profits were private, but the assumption of risk is public.

Comments

[Tony Soprano]

Posted by mark mchugh, Mar 24 03:50 PM
Investing in a Post-Fact Society (a/k/a Were the Good Times a Mirage?)
seekingalpha.com/artic...


Tony –
I’ve really seen enough of your pseudo-patriotic drivel. When the powers that be use the flag to stuff their moral compasses in their rectums, decent people are outraged; jack-holes, like you, salute. Real Patriots seek justice first, and don’t look to pass their debts onto their grandkids. Cheerleading deficit spending and currency collapse to subsidize thieves and over-leveraged fools is about as American as Al-Qaeda wearing the stars and bars.

Yeah, I know, “50 years of investment experience”, yet here you are, frantically posting away, like a fifteen year-old girl on myspace.com. I think what you’ve really had is 6 months of experience, 100 times over. So tell us, brainiac, is this a bear market rally to dress up report card day (end of the quarter) or a true bottom? If you were any good, you’d already be out of the game, but your comments (and volume) reek of the desperation that comes from a bad balance sheet. Hoping for one more bubble to bail your sorry ass out. Maybe you’re hoping to unload some “investment” properties when things get better?

The only question I’ve really got for you is, are you an idiot who idolizes a fictitious crook or an idiot who’s name is actually Tony Soprano.

Your comments are only insightful in the vacuum between your ears. Inflict your “wisdom” elsewhere (the NAR could use some more shills). You are the disease, don’t try to pass yourself off as the cure.

[sammyg123]

Tony has been asleep for 50 years. Don't wake him up. :)

[Skifly]

Barry - Couldn't have said it better myself. Longtime reader. I agree Precisely with your list. Now, how do we get the Gov't. to listen? We have a couple of generations here who know nothing different...the Jonnie can't lose generation, and politicians whose only path to election depends on giving our money away to buy the votes of whomever. Keep up the great work.

[Tony Soprano]

When people run out of facts or ideas they often turn to personal attacks.

That's all they have left.

[Bingo 2]

Ritholtz for President (the sooner the better)

[Tony Soprano]

He will need donations unless he wants to use his own money.

Also, he will have to release his tax forms.

If he does this, I will have more respect for him. Just blogging about our ills on a blog site is one thing but running and representing all Americans is another.

He would have a difficult time explaining his views to the media and the public. Like the one shown below:

“That's what attracted me to this book by Farhad Manjoo: Learning to Live in a Post-Fact Society. That such a book is even necessary boggles the mind. Consider the myriads of benefits and standards of living improvements we have seen from the reality-based community -- and by that, I mean Scientists (Physicists, Biologists, Medical Doctors) and Engineers (Technology, materials and mechanical). Why so many people would turn their backs on this belief system leads me to Arthur C. Clarke's 3rd law: "Any sufficiently advanced technology is indistinguishable from magic." ”

The media would view Barry as anti-press.

[freedomrenter]

I am having a hard time figuring out what the Tony Suprano posts are talking about.

[robster]

i can just see jack nicholson reciting mark mcugh's words in a blockbuster film. Absolutely brilliant!

[Tony Soprano]

No -- Jack is much older than Mark. Maybe Jim Carrey reciting Mark's words and gyrating at the same time.

[Stocon]

Those bail outs not even close to what's happening now.

[contrariwise]

If you're looking for companies that thrive on the government teat - public risk & private gain - how about the "defense" industry?