Daily Flog: Frantic banks make a run on us; automakers drive up to Treasury's ATM
It's a wonderful life for bankers. After decades of spending billions to fight government regulation, they're running to the government for billions to bail them out.
And a Republican administration is pulling out all the stops — even embracing nationalization — to help them.
Now the big automakers, after decades of producing and defending gas hogs while falling behind foreign competitors, are snuffling up to the U.S. Treasury trough for some free slop.
Treasury Secretary Henry Paulson, former CEO of Goldman Sachs, has been in no mood to bail out his old company's rival investment banks. Lehman was allowed to collapse, and Morgan Stanley has had to turn to Japan for help.
But even that's working out: Just this morning, Mitsubishi finally agreed to bail out Morgan Stanley, in return for a 21 percent share.
Corporate welfare is now out in the open. And it seems to be working, as the foreign markets showed an initial surge this morning instead of a plummet.
So the state of Wall Street may finally be looking up. How's the state of working America looking?
Check with the Economic Policy Institute for its latest report.
More on that later today in Press Clips. For now, let's just say: Grim. And you'll simply have to bear it.
Read on for today's picks, including some items from the Chinese business mag Caijing, which you might want to start browsing now that the U.S. has lost its grip as the ruler of the world's financial system.
NO PARTICULAR ORDER:
Caijing (Beijing): 'Saving America: The U.S. financial system could go under without swift action from the global community'
Wall Street Journal: 'Slow-Motion Crash Leaves Investors Scrambling'
Gawker: 'Fox's Obama Expert Fears Jews'
N.Y. Daily News: 'Woman left for 2 hours in emergency room wins $10.7M'
New Yorker: 'Beyond The Palin'
Jewish Daily Forward: 'Retired American Generals Enter Israeli Politics Against Livni'
Wall Street Journal: 'In Virginia, McCain Struggles To Hold the South for GOP'
N.Y. Post: 'QUINN NOW IN MIKE'S CORNER'
Wall Street Journal: 'Is the Pope's Newspaper Catholic?'
Guardian (U.K.): 'Biggest US car firms may seek bail-out from government'
N.Y. Post: 'POLICE "SHIFT" GEARS: MORE ANTI-CRIME OT'
Caijing (Beijing): 'Internet Posts Used in Zhuzhou Graft Trial: In a landmark case, a former city food bureau chief is accused of corruption based on Web postings by whistleblowers'
Caijing (Beijing): 'Skittish CIC Sits Out Morgan Stanley Deal: Morgan Stanley was too expensive for China’s sovereign wealth fund CIC, which has lost a lot of money in the past year'
N.Y. Times: 'Hindu Threat to Christians: Convert or Flee'
N.Y. Times: 'The Power of Political Pratfalls'