When I was walking the dogs this morning, I saw a flier on all of the cars. This isn't unusual in my neighborhood. I'm in North Hollywood, CA a couple of blocks from the main thoroughfare in the trendy arts district. Usually it's from a night club, occasionally a strip club. This time, it looked different.
I stole it off of one of the cars on the walk and was appalled to see what I read. Maybe I am misunderstanding the ad. I admit, I'm no economist or banker, but if it is really what I think it is, I am just astounded to see this going on now.
I apologize for the quality of the images. I don't have a scanner at home and I had to use a digital camera.
Here's the full ad. I was toying with the idea of blacking out the phone numbers, but they obviously want their numbers to get out there.
The most important part of the ad, however, is in the detail below. Remember, this was in a new flyer put on cars on Sunday, October 5th, 2008.
Get that?
J.P. Morgan-Chase, the company responsible for bringing down Lehman by freezing their assets, the company that the Fed turned to when Baer-Sterns needed to be bought out, is now offering what looks, to my eyes anyway, as subprime mortgage loans!
Congress just voted to give a $700 Billion bailout of the banks, some of which will definitely go to J.P. Morgan-Chase.
I realize it's too late to stop the bailout now, but we are still rewarding bad behavior. The banks made a major mistake, we're bailing them out, and they're making the very same mistake again!
Apparently, Mr. Bush, you can get fooled again.
I am simply disgusted.