Sunday, September 28, 2008

Bailout Bill Dumps Proxy Access

I wasn't sure we really needed the bailout until I heard that Mr. Paulson got down on his knees and begged. I guess they'll have to put moveable joints in his action figure now.

After hearing that shocker - and a few harrowing tales from folks who work on the street formerly known as Wall - I slinked over to my bank and took out extra cash. I'm worried that if the global financial system crashes, everyone will point the finger at me and my $300 ATM withdrawal, although I plan to blame that bald guy behind me in line.

I see, per the draft bill, that the Democrats have dropped their attempt to stick in proxy access, something that floated by in a draft of the legislation earlier this week. I can't blame them for trying; after all, opponents of proxy access have argued that it would destroy the foundations of capitalism, but that seems rather a moot point.

The august body that is to monitor Treasury's shopping spree will, it appears, be called the Financial Stability Oversight Board. OK, everyone on the House Acronym Committee should be voted out in November. I don't know whether to cry or curse.

p.s: Just saw this 60 Minutes piece in which Paulson and Pelosi claim the kneeling was all in fun, just a way to lighten a tense moment. Guys? Next time use a whoopie cushion.

Image Source: Corbis

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