Oops!

Well, maybe Jonny was onto something.

Dad cut up our credit card today : http://www.reuters.com/article/companyNewsAndPR/idUSPEK16693720080925

So what's the perfect thing to do in a credit crisis? Remove liquidity from the market! :http://gmtfo.com/RepoReader/OMOps.aspx
To the tune of $150B by Oct.10 in OMO's by the Fed.

But they know what they're doing right? Apparently not : http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html
In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
 
well fuck. i keep expecting this thing to turn around by february. it needs to start from the bottom up though. if people would start buying houses to stabilize prices all those mortgage backed securities and the CDO's based on them wouldn't be so damn dangerous. once default rates level off the wonks can value them again using real numbers. then we know where we are, and lenders stop freaking and going to the mattresses (with their cash)
 
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oh that's fucking gold. hot damn i love letterman. this is the first i've seen of his show in a couple years. if only i weren't a tv addict...
 
So are you talking about the lection or the mortgage thing, because honestly I dont care about the election anymore.
 
I don't really care enough about mainstream politics to know if he's any good, but I think it's probably a cool thing is a black mans in the white house.


It would be a good thing I am guessing. Get us over that stupid racial hump that has been the elephant in the room for 100+ years. :rolleyes: