6.02.2009

A real lottery ticket

The latest candidate for Werner Sombart's creative destruction

Scene, cut to: Neighborhood grocer

Last night the groceries came to this many dollars and $.04 - "hold on let me see if I have four cents I said..." Nope, take it out of the twenty." Oh darn, I hate when this happens - now I carry around 96 cents. What can I do with this? Well, I could buy a share and a half of GM now. I'm all for second chances and reinventing the self etc which is exactly what GM has to do if it wants to survive. Why not take a chance its cheap and the change was just going to sit in my pocket. Imagine that you can purchase shares in an American institution now for pocket change... What does that say? How the mighty have fallen, we are truly witnessing history. Times will be tough for GM during their day of reckoning - and they have been humbled, but that doesn't mean its over... 

ps- i forgot, there's just one more thing. the taxpayer bailed out GM to the tune of $20 billion. the government is not in the private equity business and really has no place doing distressed buyouts- now GM is bankrupt - i wonder where all that money went, physically- where is it? just the latest example of government passing on the losses to the taxpayer

No comments: