Dow 7000 ? We were already at 8000+ during dot com . This time gonna be more like 4-5000. Yipppe , bring it on cause I am short all de way !
http://www.safehaven.com/showarticle.cfm?id=11381&pv=1 September 26, 2008 Nouriel Roubini: Paulson Plan is a Disgrace by Mike Shedlock Inquiring minds are interested in Nouriel Roubini's thoughts on the Paulson Plan. Please consider the RGE Conference Call on the Economic and Financial Outlook..and why the Treasury TARP bailout is flawed. The Treasury plan (even in its current version agreed with Congress) is very poorly conceived and does not contain many of the key elements of a sound and efficient and fair rescue plan. Like in my 10 step HOME plan many other economists and commentators (Charles Calomiris, Raghu Rajan, Kotlikoff and Mehrling, Luigi Zingales, Martin Wolf, Barry Ritholtz, Chris Whalen and twenty others whose views have been featured this week in the RGE Monitor group blogs) have presented ideas that would have minimized the cost to the US taxpayer of a resolution of this financial crisis. It is a disgrace that no professional economist was consulted by Congress or invited to present his/her views at the Congressional hearings on the Treasury rescue plan. Specifically, the Treasury plan does not formally provide senior preferred shares for the government in exchange for the government purchase of the toxic/illiquid assets of the financial institutions; so this rescue plan is a huge and massive bailout of the shareholders and the unsecured creditors of the firms; with $700 billion of taxpayer money the pockets of reckless bankers and investors have been made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. The Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown.
> dalengo keep posting these excellent articles. we need to educate everyone that the present bailout will not solve anything.
If we have any luck someone in the next admin will. Oh, sorry - he's not well connected enough politically and doesn't work for GS.
I don't think Bernanke was either... he just promised to kiss everybody's ass to get the job so he could be a big wheel. Maybe Roubini has more integrity?
He is not saying anything that has not been said over the last 10-15 years. Just reiterating the reality that so many refuse to face.
Copy of my post from several months ago. I told you when it goes down it's going hard, just like it has been. CaptainObvious 05-13-08 07:55 PM Go read the book "Tipping Point" and you'll have an idea of how all this is going to unfold. When it all falls apart it'll be a watershed event.