Friday Stack: Bronx cheer heard on Wall Street Edition. Whoo hoo!

by Rocket Finance
Bronx cheer heard on Wall Street

Interesting news articles from the week:

Michael Moore still thinks that the President of the United States is working on your behalf. Let me ask you, when President Obama fired the president of General Motors, by holding your tax dollars over the heads of the board of directors, did it make your life any better? Are you now more likely to get a job? Or secure a future for your family?

President Obama’s chief of staff, Rahm Immanuel, made $16 million from three years as an investment banker. Including $320,000 for attending six meetings while serving on the board of government run mortgage giant, Freddie Mac.

But he was working for you.

Another White House appointee struggles to pay taxes. Only $7,000.

ho hum

Government Gone Wild:

Another area where the government has gone wild is in bailouts for failed companies. Ultimately, in order to assist “losing” companies, government has to collect more resources (meaning taxes) from “winning” companies and individuals.

Congress is rescuing failing banks, failing manufacturers and now failing newspapers. I wish I had been around when the government bailed out blacksmiths and lamplighters. Isn’t it ironic that that Ford and Chevrolet drove horse-manufacturers out of business a hundred years ago? What if our government was still paying off the horse and buggy manufacturer’s union?

Seriously, when is this going to end?

Another example of President Obama working on behalf of the little guy:

But this can look pretty good if you think your team can win the political game. Jeff Immelt, the CEO of GE, is certainly excited about the opportunities Obama’s innovations in political capitalism offer his well-positioned corporate behemoth, which wields considerable influence in Washington. “The interaction between government and business will change forever,” Immelt recently wrote in a letter to shareholders. “In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner.” And GE, Immelt is sure, will profit nicely.

GE is one of the few companies still doing business with Iran – GE also owns MSNBC, home of Chris “Obama makes my leg tingle” Matthews.

From the personal finance blogosphere:

My post Financial Fairytale was included as a part of the Carnival of Pecuniary Delights. I haven’t had time to google “pecuniary” yet.

Trent at The Simple Dollar has reached the Honeymoon in his “reasonable” series. I happen to think that the honeymoon is the one time in life when you should not be frugal.

Punny Money is back! and posting about hamburgers.

Gather Little by Little wrote about canceling cable and sattelite. This is something that my wife and I discuss on a regular basis. My blogging income just about covers our cable bill, internet bill and water bill. I wish it covered our mortgage or rent.

Have a great week!

Picture credit.

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