The part that concerns me:

The Obama administration told a federal judge Friday the $1.92 million jury verdict against a Minnesota woman for sharing 24 music tracks on Kazaa was constitutionally sound, despite defense claims it was unconstitutionally excessive.

Now I’m no constitutional lawyer or anything, but I’m pretty sure the process of law works in the exact opposite direction.

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Whatever the bail-out, the workers are getting screwed.  And how much does it suck that the last car to roll of the ancient GM assembly line is the epitome of what has been killing the US auto industry?

www.foxnews.com

Way to twist the knife!  Fear not, my faithful, self-entitled, consuming masses–gas is back down to $1.75 a gallon!

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To add insult to injury, the company has kept on Joe Cassano as a consultant since his termination on Feb 29th for his role in leading to the company’s eventual downfall.  Cassano has brought in $1M per month as a consultant and has already deposited his $34M severance check months ago.

The scariest bit?

The company has already used at least $61 billion of the $85 billion loan, and the Federal Reserve announced Wednesday that it has engineered even more help for the company.

No joke in this post.  This is seriously fucked up, and these people are the incompetent business “leaders” who have led us to the crisis we are in and whom we’ve had to pay to bail out, whose mistakes were a substantial portion of the initiation of our current economic crisis, and who are now spending money given to them to try to save our economy on booze, rooms, and rehiring people that got them into the mess in the first place.  I don’t think it is a stretch to say they should be on trial for treason.  I urge anyone who does business with AIG to find another company to cover them, and anyone with stock in the company to sell now.  I also urge you to write your congressmen and let them know how you feel about this, as the government now owns 80% of the company (in theory) and should be involving itself in the company’s daily runnings.

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I just wish he played the pan flute. It would have made a better title.

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The deal will cost JPMorgan Chase $1.9 billion, and the bank said in a statement it planned to write down WaMu’s loan portfolio by approximately $31 billion. JPMorgan Chase, which acquired Bear Stearns Cos. last March, also said it would sell $8 billion in common stock to raise its capital position.

Hooray for failures!  They’re not just for pop stars and trailer trash anymore!  As a result, the cost to the DIF will allegedly be $0, which means we’re still prepared for the myriad bank failures yet to come, a relief to all overpaid rich white men (aka “patriots”).  This rejoicing was short-lived;  meanwhile Congress has failed to agree on a plan, and I’d bet dollars to donuts (mmm, donuts) that the president is drinking again.

On a more personal note, I bank at WAMU.  I really hope my new milking job pays in cash.

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Or perhaps he is using the crisis as a chance to cast off an albatross?

EDITED TO ADD:

This is, I shit you not, the two current leading stories on FOX News:

Sort of telling, really.

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Meanwhile presidential hopeful John McCain has been linked to the crisis through one of his main aides, whose firm was apparently paid by Freddie Mac.  This connection comes a mere week after McCain displayed his bold faith in the economy as it, well, crumbling around him, which in turn came only weeks after joking that people making under $5 million a year aren’t rich and admitting to not knowing how many houses he owns, and only eight months after he claimed that we weren’t even headed into a recession (one which we had already been in for several years). Of course, none of this should be taken to heart; after all, who better to deal with out current financial crisis than one of the original Keating Five?

Finally, our “do-nothing-think-nothing” president is set to address the nation again.  Of course, there’s also a new episode of Bones tonight.  Chances are you’ll get more out of that.

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Now is the time to act, right?  Indeed.  Certainly not on Tuesday, when Lehman Brothers declared bankruptcy and Merrill Lynch was bought out by Bank of America, nor a week and a half ago, when the government committed a potential $5 trillion of taxpayer money to bailing out Fannie Mae and Freddie Mac; or how about two months before that, when Paulson said that wouldn’t happen (but committed billions in aide), or how about a week before that when IndyMac bank went under, forcing a federal reserve takeover, or in 2006 when Bush proposed cutting funding to the small business administration by 64%, or how about even as far back as 2001, when Bush’s buddies committed felonies effecting 22,000 people’s livelihoods?  No, those were not times to act–NOW is the time to act!  We must act NOW!  With “unprecedented action“!*

For his part, Bush says he is concerned, which is apparently the “willingness to lead” we’ve been hearing so much about.  Seriously, click that link.  Bush does indeed look concerned (that someone might ask him to explain any part of what is going on).

In other utter failure news, the Bush administration has now not only broken the nation’s promises to North Korea, but its own.  More than 7 years after breaking agreements and derailing peace talks set up by Madeline Albright in the late 90s, the Bush administration has now failed to live up to their own agreement with North Korea.  You know, if it wasn’t for the fact that he, well, holds the highest office in the nation, you’d almost feel sorry for the guy.

(and jokes aside, here’s a great editorial on culpability)

*–technically true, due to previous lack of response

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This time it’s the economic woes of these United States.  After the closure of the regional Indy Mac Bank (reopened under the Federal Reserve to the tune of 10% of the DIF), the bail outs of Fannie Mae and Freddie Mac who between them hold over 50% of the mortgages in the nation (trillions promised if needed), the continually rising unemployment rate, the announcement that median family income has actually dropped by more than 1% in 2000-2006 despite reports that the economy expanded 18% in that time, to the $2 billion buyout of almost 5% of CitiBank by a Saudi prince (making him the largest single stockholder) and now the bankruptcy of Lehmans and sale of investment firm Merrill Lynch to Bank of America, the American economy is truly booming.  Just, you know, not in that good way.

Now, with the Dow falling 4% in one day and AIG receiving an 85 billion dollar bailout we, as Americans, look to our leaders for support:*

White House spokeswoman Dana Perino defended the $85bn (£48bn) emergency loan for AIG.

“While no-one would have liked to have ended up in this situation, you have a government that is willing to lead,” she said.

Leadership!  Yes, that is exactly what we need!  Surely our president will have the right words to calm us and make us feel safe and secure, a plan to stem the tide of economic disaster and renew faith in our markets, both abroad and at home:

President George W Bush has not answered questions on the economic situation and had cancelled a statement he was set to make on Tuesday.

When asked by a reporter in the Oval Office on Wednesday to comment, Mr Bush said he had not heard the question and joked: “I’m old.”

YES!  He’s…old?  Maybe he’s saying this is old news, I’ve made it this far, you will too?  Or perhaps he is implying that old men aren’t suited to hold the office?  Whatever the reason, truly shocking from the man who, just after the bailout of Fannie Mae and Freddie Mac, literally lept into action and proposed a bill that would classify birth control as a form of abortion. I know I felt more secure on that day, just as I feel more secure in my government’s, um, age today.

Honestly I expect more from the man who stared into the face of terrorism and didn’t blink, who acknowledged and rewarded hard work during crises, who was dilligent in preventing possible, nay, known threats to this nation from day 1…

[source 1, 2]

*–sorry, I had trouble typing that without laughing hysterically, then curling up into a little ball and hoping I can learn to love moldy bread.

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