$85 Billion for AIG or Bail'em and the Ass
This link goes to a picture by Rembrandt.
It is an illustration of a story found in the Old Testament’s Book of Numbers at Chapters 22-23. It seems appropriate as a text for today.
Bail’em (Paulsen and Bernanke) are once again flogging a dead horse (the financial system) and refusing to listen to what the failing beast is trying to tell them, “I can’t go any further, there’s a problem.” There’s room for different interpretations about which is Bail’em and which the Ass. The overall metaphor seems to function also. Especially does it seem to fall out right after last night’s $85 billion for AIG, an insurance company, which the Fed does not have the authority to regulate. This is another legal line passed with nothing to back it up except Paulsen’s claim to omnipotence last July which was, in the view of some, deceitfully, perhaps fraudulently pushed through Congress.
As Rembrandt showed it isn’t the ass which needs to be taught a lesson, but the prideful willfulness of another generation of oriental despots who refuse to look at what's on the road ahead of them. When there's no driver the conveyance takes care of itself.