Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall Street stole a few chocolates from the boxes and replaced them with turds. Their criminal buddies at Standard & Poor rated these boxes AAA Investment Grade chocolates. These boxes were then sold all over the world to investors. Eventually somebody bites into a turd and discovers the crime. Suddenly nobody trusts American chocolates anymore worldwide.
Hank Paulson now wants the American taxpayers to buy up and hold all these boxes of turd-infested chocolates for $700 billion dollars until the market for turds returns to normal. Meanwhile, Hank's buddies, the Wall Street criminals who stole all the good chocolates are not being investigated, arrested, or indicted.
Mama always said: 'Sniff the chocolates first, Forrest'.
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Quote from a fund manager: 'This is worse than a divorce... I've lost half of my net worth and I still have my wife…'
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The bailout, a different perspective:
Back in 1990, the Government seized the Mustang Ranch brothel in Nevada for tax evasion and, as required by law, tried to run it. They failed and it closed. Now we are trusting the nation’s economy (and the world’s) to a pack of nit-wits who couldn't make money running a whore house and selling booze?
Yeah, I feel REALLY good about this…
i like his thoughts
ReplyDeleteI do understand that the FBI currently has 30 plus felony investigations against various CEO's of the investment banks we are bailing out.
ReplyDeleteI find the auto industry one even better, however. We will give them money if they fire their CEO's that got them into this mess. And thus far we cannot find a single businessman that thinks GM or Ford will be around in 5 to ten years to pay us back the money. Or supply us parts for our GM and Ford cars. Not only do we get to eat turds but cannot get replacement parts for those turds.
Don't you love it? Hey, Bin Laden wanted to bring the US financially to its knees. He could have kept his terrorists home and just let GW do the job
Couldn't run a piss up in a brewery if you ask me!!!
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