Monday, September 29, 2008
Reckless and Uninformed
The WORLD, not just the U.S. markets, will be voting over the next couple of days... on just how badly our Congress has served us.
I am AMAZED at how passionate that people who do not know what a TED spread, CDO, CMO, CDS, etc... and wouldn't know the Fed Funds rate from the Discount Rate, and wouldn't know the Prime Rate from a Prime Rib, etc... were about rejecting this liquidity measure. SOMEBODY billed it as a BAILOUT, and the public went for it hook, line, and sinker!
Other financial bloggers (who shall remain nameless) have gone on to tell their readers how terrible this bill is, blah, blah, etc... Well, I have a question for them:
If the U.S. market loses 50% of its value, and several more banks close with company's payrolls, and NO ONE can get a mortgage or a car loan...
Will you be satisfied? No? Let me throw in no ability to pay for heating oil this winter...
Are you satisfied now?
Does New York HAVE to lose its banking dominance to the Middle Ease Sovereign Wealth Funds? Would that leave you satisfied?
Or perhaps unemployment hitting 25%?
So. I am curious.
At what point would you admit that maybe, just maybe, you f$#cked up?
Mentatt (at) yahoo (dot) com
Posted by The Short Story Man at 4:08 PM