Friday, September 26, 2008

Corker and Alexander protecting portfolios first

Members of Tennessee's congressional delegation are clueless about the degree of anger many folks here have about Washington passing any kind of bailout plan of Wall Street fatcats.

Today's story in the state's best newspaper -- The Knoxville News Sentinel -- is espcecially telling when it comes to the disconnet of Tennessee's two U.S. senators. They want a bailout by the end of the weekend.

And why shouldn't they. Bob Coker and Lamar Alexander are the 15th and 22nd richest members of Congress. A bailout plan would personally enrich them and their stock portfolios. If there is a not a deal by the market's open on Monday, my financial adviser says the Dow, S&P and NASDAQ could fall like after 9/11. And that would make our two senators a little poorer.

So now you know why Congress is so urgent to act, along with Democratic leaders like House Speaker Nancy Pelosi -- who is richer than Corker and Alexander.

To read more of the Tennessee congressional disconnect, go to:

No comments: