why do we care what the imbeciles that let themselves be sheared think? the average man is a nitwit, understanding nothing. much like the average ET poster.
--BRAVO-- Moody's, S&P; the same culprits who were largely responsible for currency fiascos in the past (Partno has great book on this). Absolutely no one is focusing on them. There should be a MASSIVE overhaul on ratings requirements and what constitutes fraud. All this talk about how we need money right away; how about trying to fix some of the problems that create these disasters in the first place?
I grateful for one thing. We now have a public record of who the traitors amongst us are. I'll be collecting a list when this is done for posterity
I know that with your thick skull this is most difficult for you to grasp: The patient is in intensive care. The machines in the room are making bizarre noises . . . But I'm not surprised that you don't have a clue about how FROZEN the commercial paper market is, or the fact that one-month T-bills traded at a NEGATIVE yield today. Because according to your posts over the last year, we should have been raising rates and sending the patient ( the Economy ) into de-fib, and the Morgue. Congratulations. Your "kindergarten" comprehension of capital markets is right up there with your fake screen-shot of your "imaginary" ES position that you posted earlier this year.
Senators are saying they have received more feedback from the public on this bailout than on any other thing in their careers.The public are not as stupid as you make out,they can see this for the sack of shit that is.The tide may be turning here.They see Buffett investing,they see banks in trouble being taken over and they trust the market to take more care of itself than Paulson bailing out his pals on Wall street at the publics' expense. If these toxic assetts are gonna recover someday like the fed suggests,then let the banks borrow the money and bail themselves out.The days of huge bonuses and profits in the face of systemic failure and casino gambling and going cap in hand to the public maybe over. So get off your ass and make your voice heard and stop insisting that there is nothing you can do about it, ultimately they can only govern with your consent- other countries get out on the streets in numbers over much smaller issues,so why are Americans so reluctant to protest actively-If not now,when?
Pabst, your analogy is a bit of a stretch. Tech analysts had absolutely no direct economic bearing on the livelihoods of those tech companies and their economic viability going forward. Your analogy sounds good, but it misses my point. These agencies had no clue ( see AIG for example ) and right here, right now, need to be prevented from making further ratings because it is THEIR ratings that are creating incredible liquidity issues for Corporate America. Otherwise, we are going to see a HUGE domino effect from here on out, and one AIG after another.
To address the credit crunch, frozen commercial market, reduce money supply, whatever you call it. Have the government form a national bank with 700B seed money. Let it lends according to Federal reserve ratio. Bypass all these wallstreet banks that cause this problem and go straight to the real business that need credit. Problem solved. No bail out.