Friday, September 19, 2008
Wassaap Wall Street?!! ... One year later.
Believe it or not, today (September 19th) is the one year anniversary of the day I finished illustrating this cartoon for my Managing 2 Laugh feature in ValueRich magazine. At the time, Cramer was pitching fits on television for Fed Chairman Ben S. Bernanke to wake up and smell the impending subprime meltdown. Bernanke was, in a word, "detached" concerning the whole thing and held out for quite some time before he eventually started cutting rates. But after that, continued to cut them with abandon. Today, he's going around saying he's got $800 billion at his disposal if need be to bail out failing Wall Street institutions. Which is, of course, exactly what the third character in my cartoon wants. Back then, the Investment Banks and Funds were mainly lobbying Washington to have their $ billions in profits classified as capital gains rather than income. Now, they have Congress exactly where they want them ... soiling their pants, and are in line for bail outs at our expense.
Ah, life is so full of irony.