Sunday, October 26, 2008

Brother Can You Spare A Dime?

Back on my post of October 6th, I asked who was next to ask for a bailout? And now this from the AP:

Oct 25, 2:53 PM (ET)By MARTIN CRUTSINGER
WASHINGTON (AP) - The bailout is now the hottest lobbying game in town.
Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history.
The betting is that many with their hands out will be successful, especially with financial markets in a stomach-churning dive and predictions the economy is about to tumble into a deep recession.
These groups argue that the credit squeeze is so severe and the risks to the economy so dire that their industries need financial support as well.
The Treasury is considering requests from a variety of industries, but has not decided whether to expand the program, officials said Saturday.
Lobbying efforts are intensifying.

Full story is here.

Here is a starter list of groups that I believe should be at the top of the list:

(1) States that spend and borrow more than they can possibly take in or pay off. Starting with California and New York.
(2) Municipalities that spend and borrow more than they can take in or pay off. Starting with cities in California and New York.
(3) Mainstream Media: ABC, CBS, NBC, New York Times, etc. whose ad revenue has plummeted because no one trusts their reporting anymore.
(4) Major unions because their membership may get laid off during a prolonged downturn which could have a negative affect on dues collections (especially since their coffers are depleted from donating money to the candidates of their choice.
(5) Non-governmental groups whose donations are facing a down turn due to weakening economy. This would only apply to secular institutions (religious affiliates are 48th on this list). Groups such as ACORN and Moveon.org would top my list.



Who would you add to this top five?

Also, I still think we need to sell Alaska. And I want to once again thank the midwest for agreeing to foot the bill as well since the commerce centers on either coast are having a tough go of it.




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