Quote of the day

I just get a chuckle hearing a Congressman complain about someone spending other people's money.--Arnold Kling

We are faced with two bad choices. File for bankruptcy tomorrow morning or take the Fed's deal tonight.--Robert Willumstad, CEO of AIG

This is how a federal bailout works these days. The government purchases 79.9 percent of the company in question. It can’t be more than that, because if it goes over the magical number of 80 percent, the company’s debts are then required to be consolidated onto the federal government’s balance sheet. Keeping it at 79.9 percent allows the government to maintain the fiction that it is still not responsible for the company’s solvency.--Steven Davidoff