I just spent a fair bit of time discussing economics with my friend, LeeAnn, who lives overseas. Â She says that the discussion in Japan is whether or not the U.S. caused the worldwide recession, or whether it was just one of the biggest dominoes to fall and thus has generated the most attention. Â The U.S. media, of course, thinks that the worldwide economic collapse is because of U.S. markets, with typical america-centric flair; what I have to say to other countries is, if the U.S. wants to take the blame, you should ask for a bailout. Â Everybody’s doing it.
Anyway, Marti had this article from the Onion posted on his Gmail chat balloon, and I have to say…pretty darn funny.
$700 Billion Bailout Celebrated With Lavish $800 Billion Executive Party
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GEORGE TOWN, CAYMAN ISLANDS—Amid the bleak backdrop of imminent economic collapse, worried observers got some good news last October when executives from the nation’s top 10 failing companies celebrated the historic $700 billion government bailout with an ultra- extravagant $800 billion party aimed at restoring confidence and bolstering their resolve.
“It’s never ideal for private corporations to rely on public funding, but we would not have been able to survive another week without letting loose and throwing this massive bash,” Merrill Lynch CEO John Thain said aboard his newly purchased $22 million yacht, the Excelsior. “We can only hope it’s not a case of too little too late.” (read the rest here)
