Saturday, February 12, 2011
Wall Street's $16 Million Job Offer to Robert McNamara
In his memoirs, In Retrospect, Democrat Robert McNamara reports (p. 312) that in 1967, at the height of the Vietnam War that McNamara helped oversee on behalf of President Lyndon Baines Johnson, he received an offer for a Wall Street partnership that would have paid $2.5 million in 1967 dollars. In 2010 dollars that translates into $16,322,000. It seems that the government-bailout street is two way. Wall Street bails out failed government officials like McNamara and then failed politicians like Barack Obama bail out Wall Street. Of course, both the incompetent fools who run Wall Street and their equally incompetent friends in Washington could not pay each other a cent, because neither produces anything of value, if the Federal Reserve Bank did not finance their failed ideas.