Monday, March 20, 2006

Pay Me In Silver And Gold

This is a great little song put out by Steve Dore on the excellent 321Gold site.

He has written several similar tunes recently, this one seems to fit nicely with G.M. and the airlines.

When the four too bigs fail, they get bailed out by hurting the healthy and the small.

Kind of like what Doug Casey said, "Foreign aid might be defined as a transfer of money from poor people in rich countries to rich people in poor countries."

In the same cadence, although not as well written: Large corporate bail outs might be defined as a transfer of wealth from savers and taxpayers to bureaucrats.

An airline goes broke, has its contracts and pensions redone in court, and is now a low cost provider. All the other airlines now lose money and go broke since they can not compete.

Don't expect the politicians to let GM and Ford vanish and by doing so clean up the system. You will pay to rescue them - one way or the other.

A little free enterprise - unencumbered by huge national regulations - and they could be replaced by entrepreneurs with more direct and simpler technology.

It ain't gonna happen.

Maybe it is time to join in the chorus:

Pay Me In Silver And Gold.



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