Famous Texas baseball team the Texas Rangers just filed for bankruptcy. This dumb sports franchise in Texas owes “between $100 and $500 million” to its creditors. What does this mean, and how is it George W. Bush’s fault? Bush Junior “bought” the Rangers in 1989 by ponying up only $600,000 while his daddy’s oil buddies cronyed up the real money — and when the team was sold a decade later, Dubya walked away with $15 million.
Just like America, the Rangers built up huge piles of debt over the next decade. And now, just like America, the world-famous Texas Rangers baseball team has gone bust. (The Rangers are mostly famous for trading Sammy Sosa, which was George W. Bush’s big idea. Bush later ordered the invasion of Iraq.) [Rangers Blog]