TIMES : "Despite the lack of detail and absence of any signature on the $1 trillion cheque, Henry Paulson, the US Treasury Secretary, was hailed as a hero by traders on Wall Street yesterday after he managed to erase the worst week on the New York stock markets since the 1929 Crash....
...John McCain, Mr Obama’s Republican rival, however, sought to distance himself from the bailout by claiming that the Treasury’s policy in funding private-sector bailouts should be more consistent and suggested the Federal Reserve may have gone too far in its role in recent rescue operations. Only a year ago, Mr McCain had remarked that he did not know a great deal about economics....
Perhaps seeking to indicate the difference between himself and President Bush, he said that the Treasury “must have well-developed remedies for a financial crisis”.
“With billions of dollars in public money at stake, it will not do to keep making it up as we go along,” he said....
...Carl Icahn, the billionaire shareholder activist who attempted and failed to seize control of Yahoo! this year, described the bailout as crazy and inflationary hell....The Times
mish : The market called Bernanke's Bluff, and came close to a virtual meltdown.. For now, Armageddon was Postponed as Fed Intervenes In Money Markets.
The list of reasons the financial system is unsound grew massively today, by the tune of a $1.2 trillion taxpayer funded bailout designed to bail out the wealthy at the expense of the poor.
Earlier today Paulson has the gall to state "this will cost the tax payer less than the alternative".
No one bothered to ask why it should cost the taxpayer anything at all.
Furthermore, Paulson once again proved he needs simple arithmetic lessons. Shifting losses from those who should bear them (stock and bond holders of failing companies) to the taxpayers is not going to save the taxpayers a dime, rather it is going to cost them plenty, $1.2 trillion plenty as noted in US Taxpayer: A Giant Dumpster For Illiquid Assets.
The Whole Truth And Nothing But The Truth?
Of course not.
Bernanke did not really admit the truth, he only hinted at it. Congress was too dumb to pick it up. The truth is the US financial system is insolvent... mish
peteyasaddo : yo! innit!... it aint ovva...no way! a very fat lady gon sing...
sing aht lahd...sing long an deep an hard...fo a times... ay arrrre a.. channnginnn!