Frozen credit market MY ASS.
The largest expropriation of national taxpayer savings is about to be nationalized tonight, and will be used by the Treasury Department to dramatically overpay for level 3, illiquid assets, on the bald faced lie that these assets will be held to maturity, if need be, and the ultimate costs to taxpayers will be minimal.
This legislation should be renamed the 'Making the U.S. Taxpayer the Largest Sucker in the World and Buyer of the Shittiest Assets that Other Entities Won't Take for Free Act of 2008.'
Mark this day (or evening), and look back upon this sad moment in history as a watershed moment where even a (very small) group of principled 'last stand' legislators were absolutely steamrolled by the corrupt globalist regime of bankers.
I was fortunate (or unfortunate) enough to have watched Charlie Rose last night - no credible economist will maintain a straight face and say anything other than that this is an incredibly expensive bill that will barely touch the fringe of the problems infecting our economy, and that it was and is now hastily and poorly drafted, inefficient in its allocation and effect, and that we are in for a long, deep and shockingly severe recession that will make the shallow and narrow recessions of past decades look inviting by comparison.
Yes...remember either October 1st or 2nd whereby a one trillion dollar+ psychological and short-term band-aid was able to be imposed against the will of common sense so that inept bankers and brokers and hedge funds and the 'connected' could unload their shit and bail out of the crippled plane before it hit the mountainside.
Congratulations - If you don't have a parachute, you're the proud new owner of a pile of shit bought at highly inflated prices.
The largest expropriation of national taxpayer savings is about to be nationalized tonight, and will be used by the Treasury Department to dramatically overpay for level 3, illiquid assets, on the bald faced lie that these assets will be held to maturity, if need be, and the ultimate costs to taxpayers will be minimal.
This legislation should be renamed the 'Making the U.S. Taxpayer the Largest Sucker in the World and Buyer of the Shittiest Assets that Other Entities Won't Take for Free Act of 2008.'
Mark this day (or evening), and look back upon this sad moment in history as a watershed moment where even a (very small) group of principled 'last stand' legislators were absolutely steamrolled by the corrupt globalist regime of bankers.
I was fortunate (or unfortunate) enough to have watched Charlie Rose last night - no credible economist will maintain a straight face and say anything other than that this is an incredibly expensive bill that will barely touch the fringe of the problems infecting our economy, and that it was and is now hastily and poorly drafted, inefficient in its allocation and effect, and that we are in for a long, deep and shockingly severe recession that will make the shallow and narrow recessions of past decades look inviting by comparison.
Yes...remember either October 1st or 2nd whereby a one trillion dollar+ psychological and short-term band-aid was able to be imposed against the will of common sense so that inept bankers and brokers and hedge funds and the 'connected' could unload their shit and bail out of the crippled plane before it hit the mountainside.
Congratulations - If you don't have a parachute, you're the proud new owner of a pile of shit bought at highly inflated prices.
