Friday, November 14, 2008

From Mister Ghost in the comments

Mad Tom,
This should make your blood boil:

http://hnn.us/blogs/entries/55638.html

Judith Apter Klinghoffer
US TAXPAYERS TO BAIL OUT CHINESE SWF?/update

It may be hard to believe but the WSJ reports that Chinese sovereign wealth fund - China Investment Corp., "has applied to participate in the U.S. Treasury's temporary guarantee program for money-market funds." This at a time when Bloomberg reports that "China's foreign-exchange reserves rose to a world record $1.906 trillion, helping to strengthen the nation's finances as the credit crisis threatens to trigger a global economic slump."

If anyone sane is still minding the store at treasury, they will decline the application. It should not be the business of the American taxpayers to save private individuals from their investment mistakes. It is certainly not the business of the American taxpayers to save foreign states from their investment mistakes. Nor is impossible to exaggerate the damage such a precedent would set.


That History News Network is a great site.

With all the people reaching in to our back pockets, we should be allowed to file a sexual harassment suite.

You'd think we'd at least get dinner and a movie!

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