December 19th, 2008

Ponzi crawl.

From the Urban Dictionary:
A pub crawl that adds a new person to buy a round at each location. Each new person is promised that they will get free drinks at all the future bars if they buy this round. Obviously, whoever joins the ponzi crawl last gets screwed!

Let's get some suckers to buy us beer on a ponzi crawl this weekend.

$13.4 billion to GM and Chrysler.

From http://www.bloomberg.com/apps/news?pid=20601087&sid=aWCQymv.Aapg&refer=home:
General Motors Corp. and Chrysler LLC will get $13.4 billion in emergency government loans in exchange for substantially restructuring their businesses, President George W. Bush announced.

Another $4 billion will be available to GM in February providing Congress releases the second half of the $700 billion Troubled Asset Relief Program fund originally set up to bail out financial institutions.
This kicks the can down the road to President Obama, who's called it a "necessary step".

US equity markets went up on the announcement but are falling back now.