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Saturday, January 24, 2009

FT Weekend front page roundup

Prospects for the passage of Barack Obama's huge (stimulus) package improved. Republicans however still had some reservations since their idiotic ideas that wont work aren't being given a fair hearing, despite the $300bn in tax cuts already in the plan. Why is Obama pandering to minorities? Here's worthless dildo John Boehner:
At the end of the day, government can't solve this problem. The American people have to solve it and the way they can solve it is if we allow them to keep more of the money that they earn.
This only works of course if tax cuts aren't saved or used to pay down debt. But you heard him, losers. Stop clinging futilely to your remaining jobs and go fix the financial crisis with your tax monies.

China got all pissy about Tim Geithner's currency manipulation remarks. China said it doesn't and that they've merely enjoyed pissing away money on low-yield foreign exchange reserves for years because its fun. In fairness, the yuan has actually risen 20% against the dollar since the one-off revaluation in 2005. And um, if we're about to embark on a debt-fueled recovery spending binge of awesomeness, its probably not the best time to pick a fight with our largest creditor. Watch bond markets wobble for hilarity.

GE's profits shrank because hardly anyone needs electricity anymore, generally.

McDonald's told the recession to blow itself and is planning to open 240 restaurants and add 12,000 jobs. This is all thanks to its new lineup of McChange burgers, Hope nuggets, and the Suspiciously Fishy Madoff McChicken sandwich.

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