Saturday, September 20, 2008

Oh, by the way, we are well and truly fucked now

Man, is it just me or is the government getting a little big for its britches here?

It would appear to me that they just wrote an IOU for a couple of trillion dollars and started handing out the money to their buddies on Wall Street. Unfortunately, they kinda have power of attorney and, when you read the fine print, they signed they agreement with the US citizenry holding the bag afterwards.

I think that things may hold together for a bit yet, but this kind of move usually signifies desperation. The market rally following this move is beyond my comprehension. It is kind of like some folks are saying "Whew, thank God, the Government is stepping in, now things will start going right!"

Needless to say, that phrase doesn't appear in my lexicon

Keep prepping, keep your eyes peeled.

Update @07:52

I think that they are getting into this now....The credit card is burning up

NY Times article


1 comment:

Mayberry said...

That's pretty much how I see it. And I'm freakin' stunned that we ain't heard a word about credit card companies on the brink..... I reckon they're the next domino to fall. Folks are loadin' up the plastic as we speak, and fixin' to default. Ain't it grand.....