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More Guest to Attend Banquet. (Part 1)

Bankruptcy specialists (lawyers, accountants and consultants) that make a living advising, guiding and restructuring insolvent companies and unpaid creditors in our country's Federal Bankruptcy Courts are a unique and sometimes fascinating clan. Because of their frequent proximity to and inside view of so many financial debacles they have developed their own vernacular and gruesome wit as they ply their trade in what is the financial equivalent of an EMT's experience on a regular Saturday night.

One of my favorite expressions used by these professionals (almost never said in the presence of the client) is "Welcome to the Banquet of Consequences, where the food is served cold and you pay in advance". Another favorite is the question, "When did you notice the parakeet was dead?", which is a reference to the old practice of underground miners bringing parakeets into mine shafts as "early indicators" that there might be something poisonous in the air. If the parakeet assumed room temperature it was probably a good idea to get out, fast.

Unfortunately, U S taxpayers are about to find out that the Bernanke Paulson Catering Company
is going to have to add some more tables as more guests arrive.

D J has well made the case as to why the U S banking system can not be allowed to collapse and I agree with his analysis; however, everyone else, so to speak, is eligible to attend the Banquet of Consequences. If that means state and local governments require restructuring in bankruptcy then so be it. The parakeets in those entities died years ago but no one was paying attention and local politicians are now demanding funds under the pretense of infrastructure development, which is another way of saying they want to build more bridges over rivers named Denial.

When state and local governments show up in Washington with their over promised and under funded operating budgets and retirement plans taxpayers will witness a circus that makes the auto and bank bailouts look tame. But amidst the chaos there is opportunity. Republicans need an issue that will resonate with their base in a way similar to what Gingrich served up in 1994. I recommend they begin by voting against the auto bailout and sending a clear signal that bankrupt local and state governments will not have their support on Capitol Hill.

HughS


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Comments (6)

canaries, not parakeets. </... (Below threshold)
chris:

canaries, not parakeets.

Had to get a substitute - t... (Below threshold)
JLawson:

Had to get a substitute - the canaries went on strike. Said it was too dangerous, high mortality rate, lousy benefits, and they were going to unionize...

The parakeets looked at the opportunity, and flocked towards it...

D J has well made ... (Below threshold)
jpm100:
D J has well made the case as to why the U S banking system can not be allowed to collapse and I agree with his analysis
Actually he only made the case that the financial bailout is better executed than would the auto bailout. His judgment that the auto company bailout wouldn't be better executed is that they would end up back in trouble again. Assuming the financial bailout restores normalcy, I failed to see the explanation it prevents the financial sector from getting in trouble again.

Could you explain to me how the financial bailout created a means to prevent another series of mortgages that won't go bad the next time a little air is let out of a housing bubble? And how that won't get the financial industry in need of another bailout?

Note to self:NEVER... (Below threshold)

Note to self:

NEVER post at Wizbang while watching Animal Planet with my daughter. Jeez.....thanks chris.

The financial bailout, what... (Below threshold)
Bob:

The financial bailout, whatever its merits, had little popular support. If Senator McCain would have had the stones to act like a conservative for once and vote against it (rather than voting the same way as his most-liberal-in-the-Senate opponent), he'd be measuring the White House drapes right now. But anything conservative, useful or popular might have hurt his "maverick" image.

Now Congress is preparing to give the so-called Big 3 auto makers "only" $15 billion of taxpayers' hard earned dollars, then pat themselves on the back for being so fiscally responsible as they head back home for the holiday recess. In January, when the New Majority arrives complete with our newly elected Executive, this "restraint" will soon be remedied by more bailouts and "stimulus packages," which will only prolong the country's economic pain.

The only way out of the present mess is to allow the market to make corrections and then take its course, but there aren't any elected officials willing to admit that they don't know more than all the collective markets. Voodoo would be better; no more effective but it wouldn't make the patient sicker or cost hundreds of billions (or more likely, a trillion plus) of our grandchildren's dollars.

Actually, could you be conf... (Below threshold)
Feldspar Goldstein:

Actually, could you be confusing parakeets, canaries and parrots? Could it be they are referring to the famous Monty Python sketch?

http://en.wikipedia.org/wiki/Dead_Parrot




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