why the bailout won’t work

Scribbled by Steve on October 7, 2008 - Comments

A truly disturbing video:

And if you had any doubts about who was going to handle your $700 billion – the new “Office of Financial Stability” – Secretary Paulson has tapped a Goldman alum to dole out your tax dollars.  I’m sure everyone finds that as reassuring as I do.

Tags:
  • Just putting the fox in the hen house...typical. If you heard any of the congressional speeches given about the bill, it's easy to figure out these guys have no idea what's going on. This would have been a good test for Buffett's protege, whoever that is...no not Charley Munger, he is too old.
  • Jim
    Their quadrillion dollars of derivatives is completely misleading. Since every derivative is an asset to one party and a liability to the other, the total net value of all of the derivatives in the world is exactly zero.
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