$ 30 bln ummm!
Oh man where is the Japanese kid who wins the hot-dog eating contests when you need him?
Sue them all (or sewage them all)
Did you see the president last night? Is he really going to go after all those securities firms and BANKS? They have been acting as public utilities without a license! They have been pumping RAW SEWAGE into our financial markets. Surely that is in violation of some environmental law?!
Or is that why we did not sign up for the Kyoto protocol? Very shifty.
Or maybe I had on the wrong channel...
THE ROAD TO ONE OPINION (or the road less traveled, by economists)
It seems that the die is cast. No one has the stomach to change accounting rules on mark to market. The reasons against it are so (not!) compelling. At not price and under no accounting convention do the banks want this stuff, (stuff they generated and at one time coveted) on their own balance sheets. OUT DAMN SPOT! But the banks are in control. Bank lobbies are in control.
DO not try and regain control of you your TV you are in the BANKING TWILIGHT ZONE...
Nothing you hear may make sense but we are going to do it because the FINANCIAL lobby pays us so much money when we run for office and we are running for office again this very year ( this is the great unsaid speech by house and senate members)! We just held TWO DAYS of TV hearings where we said the same thing over and over and over and over and over and over and over and over again .
OK. It may not have been compelling but after all that we beat the opposition into submission. Its not really important for THEM to believe this. Just for them to believe that Paulson and Bernanke believe!
It's..it's...it's...JUST LIKE IRAQ! Grainy photographs of bad mortgages Saddam inking financing deals. Just LIE to us about how much we need it and how BAD- really BAD- INCREDIBLY BAD - it will be if we DO NOT DO THIS. Do THAT and we all will buckle under. We politicians can deliver the VOTE and tell the same LIE to our constituents and say YOU SAID SO...
Of course you could do something else. but 'this' is the ONLY plan you put forward making us think it is do or die. And well given that choice, what's not to like about 'do'?
Bernanke looked like he swallowed The worst tasting medicine in the world and has been for one week without sleep. I wouldn't be surprised to find out his family had been held captive during all of this. He says all the 'right things' but he is not convincing and he has no alternate plan. How could have no no alternate plans?
IS BERNANKE FINALLY that ONE-ARMED economist who doesn't say ON THE OTHER HAND? May be they HAVE something on him? A one armed man? Maybe he KILLED RICHARD Kimball's WIFE in the FUGITIVE? IS Tommy Lee Jones LOOKING for BEN??? Is BEN wearing a prosthetic device?
Is this a first? will they revoke his PhD for having only ONE opinion? My Gosh only ONE PLAN! ??? I don't believe it. And up to this point the Fed has been so creative. Guess that's what happens when they hold your family hostage or give you poison and threaten to withhold the anitidote. C'mon you you watch "24" don;t you! Think a little...
Because the banks only want this plan. and THEY are in CONTROL.
Face it Paulson wouldn't know a good plan if it came up and bit him on the bottom. Hey how about a super SIV? What? Already tried that one? Never mind.
BUT THE ASSETS are to be sold at loopy auctions. Pay MORE than the securities are worth - give them an excuse..yeah mark to market is bad! Hold to maturity is better. Of course, many will never reach maturity. Minor detail.
Don't you try SOMETHING before you try to spend $700bln on highly experimental auctions run by the same crowd that mis-priced all those CDOs?