Wednesday, October 1, 2008

Wall Street Millionaires Take Up Panhandling

Well, that business of insuring subprime loans was a bit of a bust. Time to take up something more profitable: panhandling.

(Click images to magnify.)

Oh, the indignity! This is really cutting into my yacht time. Pardon me, sir, can you spare a grand?

Yes, I am one of you. Just having a spot of bother with the Bentley payments. What? You are strapped too?

Hmmmm, let's try taking it to the people. I hear they like a good smile. It works on the television... Oh, a quarter! A few million of those and I'll make up for yesterday's losses

Very well. I hear the federal government has more money to spare. $700 billion ought to take care of me and all the lads at the club. Do be kind and ask your Congressman to get on with it.

And now for the punchline: even if the $700 billion dollar bailout goes through, this subsidy to the already rich will be less than the implicit subdies given out every year! I'll get to those subsidies in a future post. But first we'll need a couple of simple economics lessons for background. Stay tuned.