Six Conservative Guys
Six Conservative Guys - Proudly Serving the Vast Right Wing Conspiracy Since 2003
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Monday, September 29, 2008
The market tanked today - badly. It's going to tank again tomorrow, perhaps even worse. It's bad - but I have to say - I am not sorry this bill failed. Is there any reason to believe it would have worked? I mean screaming at people that the world will end unless they do specifically this, and immediately. No more debate, just shut up and fork over the cash....
By buying up the toxic sludge, aren't we really saving those that shouldn't be saved (talk about your moral hazard)? Why not buy (or simply finance the purchase of) the real low-risk AAA securities that currently are having trouble moving but are not riddled with toxic sub-prime and alt-a crap? The decent loan packages that have been one of the foundations of conservative investments for years, but have become infected by these ill-advised high-risk mess? Support the good stuff to increase liquidity and help with possible insolvency the healthier and more responsible institutions rather than the bad actors - why can't we do that?
Draft that bill and couple it with a one year suspension of mark-to-market rules and I'd feel a heck of a lot better about it.
Try to avoid looking at your 401Ks tomorrow...
It doesnt really matter that the bill wasn't passed yet. Yesterday the Fed went forward and put 630 billion into the market.Post a Comment
The bill will eventually be passed after some minor adjustments. The same fear tactics that got us into the mess with iraq will push this bill through.