Monday, January 30, 2012

Arlo Sings Bailouts

The 2008 version is sung here by Arlo and here by Paxton. Besides the name of the company, they had to make a few other changes in the lyrics, like "When they hand a trillion grand out, I'll be standing with my hand out."

But that was October 2008. By the end of December, I was noting that it was a Merry Christmas for GMAC, which learned on Christmas Eve that the Federal Reserve had approved its application to become a bank holding company. That gave GMAC "access to new sources of funding, including a potential infusion of taxpayer dollars from the Treasury Department and loans from the Fed itself," as the Washington Post explained. GMAC wasn't the only company that suddenly became a "bank holding company" in order to cash in on the $700 billion financial bailout. Late one night in November, American Express was granted the same privilege, along with Morgan Stanley, Goldman Sachs, and CIT. Which was why I suggested then that Tom and Arlo needed a new version: "I'm Changing My Name to Bank Holding Company."

For now, enjoy "I'm Changing My Name to Fannie Mae":


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