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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: bart13 who wrote (95635)	7/15/2008 2:42:18 PM
From: ggersh	Read Replies (3) \| Respond to of 110194

Thus, this morning, we embark on one heck of an “Adieu” … to the financial system that has evolved over the last 20+ years. So, pucker up and get on with it, Squiggy. Take all the pictures you want. And a few spares. Because we are witnessing history in the making. Unfortunately, it’s gonna’ get far worse before it gets better. In this writer’s opinion, the powers-that-be have micromanaged every nook and cranny of the system far beyond the obvious, self-serving bubbles that they have sponsored. Indeed their relentless, officious interference has run the gamut from the fudging of the economic data to the point of worthlessness, to the ludicrous scripting of the pabulum-spewing FED and Treasury acolytes, to the intelligence-insulting commentary of their respective leaders, to the shameless leaking to the press and the effrontery manifested by these trial balloons, to the unabashed exploitation of the US consumer, to the willful dereliction in enforcing anything, a grievous omission which encompasses the conscious perversion of existing US code or accounting regs to the cusp of impotence, to the tacit approval given to mind-boggling leverage, gravity-defying structured finance and off-balance sheet chicanery, to the many hushed, closed-door, moral-hazard-reinforcing, power-abusing, deal-making sessions, to the deliberate propagation of the abject fallacy known as “free lunch”, to the myriad of mindless, taxpayersupported, half-gassed Band-Aids which they apply repeatedly, right on down to the to the unexampled mastering of the art of crony capitalism which has embodied itself in the Goldman-Sachs-as-waiting-room-for- influential- Administration-positions phenomenon, the entire gig has been befouled from stem to stern. In short, guys, it’s over: the hideous bedizenment of so many heaps of dung is finished, kaput. The tack of serial, reckless endangerment won. We lost. I do believe that the proposed bail-out of Fannie and Freddie … with foreign central banks holdin’ almost a $trillion of their paper in mind … is ringing the death knell of all things financial as we once knew them. We don’t have to quote John Donne here, do we? Good. So don’t ask for whom the bell tolls, baby. You already know the answer! Next case. Off The Clown Thread.......Sums it well.....