The TV keeps telling me that credit markets are frozen. Businesses can’t get the loans they need to stay afloat. People can’t get mortgages. But one groups seems to be doing just fine.

The NRCC just received an  $8 million loan from Wachovia. The loan is totally unsecured, meaning if the NRCC defaults the bank gets NOTHING. That is about as sound an investment as giving a drunk some cash as he heads down to Tijuana.

So let me get this straight:

– Wachovia is on the brink of insolvency, to the point where is needs to be first sold to Citigroup with the help of the FDIC, only at the last minute to be bought by Wells Fargo.

- People cannot get mortgages and those are backed by houses, which while declining in price still have some value.

- But its financially sound to make unsecured multimillion dollar loans to their Republican buddies.

The NRCC is a craptastic investment. Does Wachovia somehow believe their fundraising is going to improve in 2009?  Republicans are going to lose seats in the House and Senate and looking at current trends, Obama is likely to be in the White House.

People can’t get houses or cars, but somehow this bank is still willing to join their Republican buddies in flushing millions of dollars down the toilet. It’s no wonder they almost went under.