The Bush administration this morning formally asked Congress to grant sweeping new powers to the Treasury secretary to buy as much as $700 billion in deeply troubled mortgage-related assets as part of a herculean effort to clean up Wall Street's financial crisis.Sounds like the Doritos commercial. Crunch all you want, we'll make more. The Fed is good at printing cash, but when it becomes so diluted, it's not worth much. The bigger question will be who wins with this bailout? Do you think the CEOs of the various companies making bad bets on bad mortgages will have to sell a house or two to cover their losses or simply get fired and given multi-million dollar severance packages?
Saturday, September 20, 2008
Cruch All You Want, We'll Make More
Just one question for the President: Where are we going to get 700 Billion Dollars when we are hemoraging cash for the Welfare State we created called Iraq?