3 JUN 2009, Wednesday

1. And these are the "smart, responsible little people" that we are bailing out....excerpts from a NY Times article and commentary from one of my favorite irate financial bloggers.
2. It's really hard to imagine how people like this even manage to breathe without someone there to constantly remind them...Sheesh!
3. Oh yeah...and "Boo freaking Hoo!" to all those silly folks. Welcome to the real world of "Survival of the Fittest". Yes, it even applies to the human animal. Sooo, learn your lessons, don't do it again and don't let your family or friends do it either!
4. ...And THAT is when America will finally get back on track toward a sound future.
5. BREAKING NEWS...TAXPAYER TAKES IT IN 3 DIFFERENT HOLES...
   June 3 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank by deposits, hired a newly built supertanker to store heating oil off Malta, shipbrokers reported, in the company’s first such booking in at least five years.
   The bank hired the Front Queen for nine months, according to daily reports from Oslo-based SeaLeague A/S and Athens-based Optima Shipbrokers Ltd. David Wells, a spokesman for JPMorgan in London, declined to comment.
   So let me see if I get this right.
   The Taxpayer hands JP Morgan billions of dollars to bail them out and keep them from potentially being declared insolvent.
   In return for this JP Morgan spends that money speculating on the price of oil, and in fact does one better - they take physical delivery and lease a ship to store it in, thereby withholding the oil from the market and propping up the price, hoping to be able to sell that oil at a higher price later.
   In the meantime, however, they are partially responsible for the rise in gas prices, meaning that not only did they collect taxpayer money once, but they are effectively partly responsible for you the consumer paying a second tax, this time through higher fuel prices at the gas pump.
   Then, when the time is right (for them) they will sell the oil and profit a second time.
   You, the taxpayer, will pay for all three of these actions.
   And we, the idiots in America, along with a bribed and purchased Congress, will allow them to get away with it.