PrintOctober 7, 2008
The Great American Crapshoot
Well, they passed it. Wall Street bailout, Main Street Rescue, or whatever you want to call it, is now law. Now we will roll the dice 700 times, a billion on the table each time. Will we roll all sevens or hit a few snake-eyes? Congress is not worried. After all, it's our money they are betting. Dear Politicians (especially Presidential Candidates): We understand how Fannie and Freddie and other banks got into trouble making bad loans. We even understand how these bad loans sort of lost their identity when they were bundled into questionable securities. We know that most of you ignored repeated warnings that began years ago about an impending problem. We are, however, a little ashamed to admit that we still do not understand how it reached a financial tsunami in a matter of days and how it is going to wash away not only Wall Street, but also Main Street before October is over. How did you arrive at $700 billion; where is it going; how is it going to fix the problem?...(Read Full Article)
