Sunday, September 21, 2008
$700 Billion
We interrupt our regularly scheduled talk about games 'n stuff to just to say this:
Seven Hundred BILLION Dollars.
This is for debt packages of subprime and related crap that were so horrible they couldn't find legitimate buyers for it anymore. So now they want to force U.S. citizens to buy it. That's about $2700 of additional debt for every man, woman, and child in America.
Granted - it might not all be worthless. Hey, at some point, some managers snowed their bosses into believing it would actually be profitable. But this whole situation sounds like it has more in common with an Ayn Rand novel than Bioshock. (There - I had an obligatory gaming reference!)
Sometimes real life just makes you pause and say, "Woah!" At this point, I'd only be half-surprised if both of the major presidential candidates held press conferences next week and said, "You know what, on second thought... screw this! There's no way I'm taking this job."
Labels: Politics
- posted by The Rampant Coyote @ 10:10 PM (Permalink)
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Ouch.
And this quote is promising :
"The federal government is committed to backstopping the nation's financial system and will do whatever is necessary to make sure the system does not unravel. The details are important but secondary."
Details are secondary? Isn't that where the devil lives? ;)
Double ouch.
And this quote is promising :
"The federal government is committed to backstopping the nation's financial system and will do whatever is necessary to make sure the system does not unravel. The details are important but secondary."
Details are secondary? Isn't that where the devil lives? ;)
Double ouch.
And sure enough, now EVERYBODY is jumping into the fray trying to get a piece of that $700 billion now. No, nobody has a problem with us increasing our national debt by nearly a trillion dollars - it's only a question of who gets the bring it home.
Our politicians are so predictable.
Our politicians are so predictable.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/09/21/ccliam121.xml&page=2
http://housingpanic.blogspot.com/2008/09/end-of-america-as-you-knew-it-is-at.html
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