Savage Farming

Wednesday, October 01, 2008

They call it a bailout

To paraphrase Boromir, "This is no bailout, this is a tomb!"

A recent study has shown that the vast majority of failed mortgages are in the hands of speculators and risk taking real estate dealers.

The media and congress keep insisting this isn't a bailout, it is an investment opportunity. But if the assets remain worthless even this "new and improved" bailout bill will end up having little or no effect with the exception of weakening the dollar and causing the turmoil on Wall Street to stretch on and on. According to Bloomberg we lost over a trillion dollars in a single day ("Hey Joe, where'd we leave that box with a trillion dollars in it?") Is anyone stupid enough to believe 700 billion will last even one day in such a climate?

Seeing the Senate try to foist this off on the American people again is like finding a five year old playing with cat feces: revolting.

2 Comments:

  • Yeah, I knew they'd pass it even though people still don't want it. It's shameful. But I hope that all those around the world who have been throwing so much hate at us "ordinary" Americans will finally now start to appreciate us and maybe even send a little love. ;-) (dream on, right?)

    By Blogger Rae Ann, at 6:03 AM  

  • Just noticed the market dove again today after the feds announced they're buying "short-term debt". Of course, I'm no expert on these things, but it surely doesn't look like the market likes and wants the feds' money.

    By Blogger Rae Ann, at 11:32 AM  

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