The credit markets finally got a bailout bill, but the stranglehold hasn’t let up — a troubling sign that lenders and investors believe the package will only be a baby step in the long road to economic recovery. The credit markets, where companies go to get cash loans, have seized up since the bankruptcy of Lehman Bros. and in anticipation of the $700 billion plan finally passed by the House and signed into law by President Bush.
Some are worried, though, that the plan will not work at all. “It seems that the American public had better sense than Wall Street and Washington — the American public said, don’t throw good money after bad.”
Some are worried, though, that the plan will not work at all. “It seems that the American public had better sense than Wall Street and Washington — the American public said, don’t throw good money after bad.”
Next it was the Big three: The Treasury Department infused $17.4 billion into General Motors alone, and pledged another $5 billion to its lending arm, GMAC. By the end of last year the US government pumped $23.4 billion into the US's struggling car industry after Ford, General Motors and Chrysler began to feel the effects of the recession.
So, who is the latest to ask to strap on the public feed bag? Larry Flynt, founder of Hustler magazine, and Joe Francis, the man behind the Girls Gone Wild video series, are the latest to seek Congress's help in propping up the porn market, which, they say, has become the latest victim of the global economic downturn.
Flynt and Francis, who say that adult DVD sales have dived 22% over the last year, argue that they, too, deserve a helping hand. "Congress seems willing to help shore up our nation's most important businesses and we feel we deserve the same consideration," Francis said in a statement. Owen Moogan, a spokesman for Flynt, told CNN: "The take here is that everyone and their mother want to be bailed out, from the banks to the big three.
In case you doubted it, selfishness is alive and well in the United States of America
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