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September 11, 2008
Hank's Thank-You Note
Mr. Juggles over at Long or Short Capital passes along this fictional thank-you note from Treasury Secretary Hank Paulson to American taxpayers after this week's seemingly inevitable federal bailout of Freddie Mac and Fannie Mae (prior posts here):
Dear US Taxpayer,
I would like to congratulate you on your recent purchase. I am glad I was able to convince you that now is the ideal time to offer an uncapped backstop on a $5.2 trillion book of mortgages. We here at the Treasury Dept (along with our sisters over at the Fed), appreciate your repeat business. I am confident that this acquisition will be a profitable one; perhaps even more profitable than your recent purchase of JPMorgan’s Bear Stearns’ liabilities!
Please know that we are actively seeking more deals on which we can work together. I am confident we will find more interesting opportunities before the end of the year.
Yours Truly,
Hank Paulson
Herbert Spencer got it right long ago (H/T Bryan Caplan):
"The ultimate effect of shielding men from the effects of folly, is to fill the world with fools."
Posted by Tom at September 11, 2008 12:01 AM
Comments
Seems like a good time to re-read Atlas Shrugged, don't you think?
Posted by: Freelancer ![[TypeKey Profile Page]](http://blog.kir.com/nav-commenters.gif)
at September 11, 2008 8:06 AM
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