Monday, March 17, 2008

Shock the Monkey!

President George W. Bush meet with relieved,yet nervous financial kingpins at the Economic Club of New York. Eliot Spitzer, crusader against illicit financial schemes and now New York Governor, provided the relief by resigning in disgrace after the FBI found his illegal use of prostitutes. Chimpy McHitler (columnist Jay Ambrose's name for George W. Bush) and his Justice Department knocked that longtime angry monkey off Wall Street's back.

Recall the 60 Minutes story regarding a campaign staffer who said Karl Rove wanted pictures of a Democratic governor cheating on his wife? Luck would have it that Governor Spitzer would use a call girl the night before his published column in the Washington Post. His piece excoriated the Bush administration for facilitating predatory lending and the current mortgage crisis. After pictures of call girl "Kristen" hit the newswires, Eliot's accusations vaporized like $8 billion in reconstruction money in Iraq.

But not to worry, Bush has it under control. The people who benefited from the booming industry of mortgage securitization, Hank Paulson, will surely lead us out of this economic storm surge. So far only a few investment vehicles drowned, one of them Carlyle Capital Corporation. But Bear Stearns got rescued by the Fed, the economic lifesaver analogous to FEMA. Time will show how other's make out in the crisis, but just to be safe, have a Hankie ready.

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