Saturday, September 6, 2008

Phony and Fraudy bailout

From The Big Picture on the Phony and Fraudy bailout:

I suspect this will be another hugely expensive and ultimately unsuccessful attempt to bailout our prior irresponsible profligacy. Ultimately, we pay for this through 1) the massive printing of more dollars; 2) some corresponding form of hyper inflation; and 3) the kindness of not strangers but our overseas overlords.

That's right -- we have no money for rebuilding our infrastructure, for any form of National Heath Care, for fixing/saving social security, but a bunch of rogue traders and Alan Greenspan, under the guise of "Deregulation" can leverage up and lose trillions, which you the taxpayer is on the hook for!

Be sure to also see multiple posts on the Market Ticker, Calculated Risk, and Bubble Markets Inventory Tracking

And if you didn't already watch this on Calculated Risk:


Anonymous said...

I have a feeling that we're all going to look back on these days as the "Good Ole Days"--with the collapse of Freddie and Fannie, things look very bad.

America's attempt to capture easy money in real estate might sink our entire economy.

Except for 90402, of course, it's different there. (Sorry, I had to throw that in...)

After all, who needs banks and investments and money, we're all rich with our real estate holdings!

sexy said...