to the government's bailout. That's the feeling among corporate America.
Witness - American Express becomes a bank holding company so that we can support it. Who's the next convert to a bank holding company? GMAC is a likely candidate.
GM is begging to be saved and it looks like our leaders will do so. What about the store down the street that has to close? Who is helping them out? When GM gets our dough, will Wagoner keep his job? Can the government - or anybody - do a worse job running GM? Money is not all these companies need. They need sound managers who are not greedy and who plan for the long haul and they need people wanting and able to buy their products. Was there a bailout for the manufacturers of horse buggies 100 years ago? What will be the result of our investment in GM? Has it reached the end of its road, for everything dies eventually? Are we just postponing the inevitable?
And the losses keep mounting. Fannie Mae $29 billion this quarter, AIG 24.5 billion this quarter. Any bets on how large Freddie Mac's loss will be?
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