You guys realize that until CDS and derivatives like them are outlawed, this shit is going to happen over and over and over again. The next run up, we're going to see ever higher leveraging in derivatives, and when the Crash Comes, the exact same schtick gets played - we need 20 Trillion or the US Economy Dies. This is Financial Terrorism. Load the boat until it tips then force the Captain to turnover the passengers wallets... or else. Its a Con Game. A Joke. Wallstreet bets the Economys life to churn premium, so if they're wrong, you better start printing. OR DIE
Too bad the President Elect didn't run on a platform to fix THIS... rather than "candy for your vote"...
Obama . I'm getting sick of reading my rants on ET. Shit storm of all shit storms will soon befall us. ugh.
Some truth in that, but only as a side effect which would be nice. The Bush team now basically is reduced only to favoring friends over all the rest (or business as usual, you might say): witness AIG and Bear versus GM and others. And yea, I know the difference between the US auto industry and Ibanks and big insurers: the point is that the calamity befalls everyone because of the scam derivatives which showered wealth on the right-loving hustlers of the gilded Bush years, the putrid core of which now is exposed. I believe Paulson's about face on buying mortgage backed paper is proof. 4 years of McBush might have allowed the tidal waves of criminal doing which produced these frauds to remain hidden, as long as the paper was out of sight, out of mind, i.e., at the Treasury with a Paulson protege minding it all. But the right's defeat ruined that plan, so now the "rescue" package is reduced to nothing more than tossing taxpayers dollars to friends with the little time that remains. Witness equity stakes and preferred and loans and guarantees and more to the AIGs of the world. At least it aids and buys some more time for Goldman's exposure to AIG.