Sunday, September 28, 2008

The big payout

Sorry about the pause.

Anyway, finally after a week of posturing in 21th Century US Congress mode, plus John McCain posturing and giving irrefutable proof of his asinine character and intelligence, we're going to piss away $700bn (to start with) in order to do nothing other than temporize. Just as we said.

There is not enough money in the whole wide world to buy up all that bad paper. In modern parlance, it is toxic, whether the leveraging was 40x or 4000x, means now less than nothing, the debts and obligations out there moved in the realm of fantasy, and are now blown away.

We really need a 7 trillion dollar bailout plan or maybe one ten times that.

There is no there there.


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