Monday, October 13, 2008


The latest farce is being played out with mind numbing unanimity in the press, just as they've done every step of the way on our merry road to hell.

The harsh Hank Paulson has just manhandled the banks into accepting $250bn in low interest paying preferred shares that give no control over future actions of the banks. What a deal for the US. What moral dilemma for our capitalist system, forced, at the point of a gun, to take money from the government. In the words of the NTY, bold.

Despite the party atmosphere in the markets today, we're not sanguine that the good times will continue to roll, even up to election. But Hank's got another $500bn to 'invest', he will try to use it in a timely manner. But it still may not be enough.


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