A plan to restore the credibility of municipal bond insurance would be a start (how crazy is it that New York State, rather than the federal government, is taking the lead here?). I also suspect that the feds will have to get explicit about guaranteeing the debt of Fannie and Freddie, which really are too big to fail
All of this....this is what Cramer has been screaming about for months....like with everything else, the Bush administration/the feds are screwing up. They lowered interest rates and gave rebates and thought they were done.
And yes, Spitzer took the lead when the feds weren't and now Spitzer is fukked.....literally because of his dabbling with prostitutes.
This financial crisis is like everything else the Bush administration has had its hands in....totally fukked up.....like Katrina, like Iraq, like the national debt, like the tax cuts, etc. That's why when Chris talks about recessions being necessary, I get upset. We are talking the mother of all recessions if the feds don't start doing the right things pronto. And they are not likely since they seem as clueless as Bush. Meanwhile, Cramer has given up screaming.......he's accepted that we are going down. Very scary..........I only have 3-4 stocks in my portfolio and even then they aren't working except for gold. As of tomorrow, I will be in cash and gold, that's it.
I am serious, John, when I say God help us. We still have the idiots like Harris and TC and Brumar and Tim thinking they know what the hell they are talking about and completely unrepentent. That's why I call it the anti Christ movement....they have systematically gone through the entire structure that constitutes this nation and fukked it up. And the rest of us are powerless to do anything but watch it unfold. |
