bailout

Congratulations!  We are now the future proud owners of $700 $810 billion in the most toxic, putrid, rancid, and horrific mortgages that humankind has ever encountered.  On Friday as the Congress went through their Broadway-like charade of actually debating and acting like they care about middle America, the bill which was just rejected on Monday […]

You may recall that in the distant past (Monday) the House of Representatives voted in a decent margin to say no to the housing bailout bill.  So after a 777 point market smack down, economic fear mongering, and polling politicians found out that Americans don’t like the sound of the word “bailout.”  So from now […]

Instead of the House of Representatives sending in a nice sealed envelope a candy gram to Hank Paulson of $700 billion, they instead decided to listen to the people and did a reverse bailout wiping out $1.2 trillion in stock market wealth.  Go figure.  The House of Representatives actually listened to the massive uprising against […]

As I stopped by my local grocery store to shop I happened to notice that for a weekend, the number of people was extraordinarily low.  Recognizing the cashier I observed, “it really seems empty for a weekend.”  Her comment sums up the new feeling that many have.  “It feels like we are entering another like […]

As I eagerly await the bread and circus theatre to resume tomorrow, has anyone seen any details on the $700 billion plan?  The plan ushered over the weekend by Henry Paulson was an absolute joke and mockery to our economic system.  He back peddled and stated that he wanted to keep it as “simple” as […]

“I’m shocked, shocked to find that gambling is going on in here!” -Captain Renault, Casablanca
Many of our elected officials were “shocked” and astounded to realize that the entire economy has turned into a glorified casino.  Ironically, the quote above comes from Casablanca which translated into English means Whitehouse.  How appropriate given the circumstances.  How the […]

If you haven’t noticed, Wall Street is having a bad week.  It would seem that the reality on Main Street is finally catching up to the Wall Street casino.  Many Americans are only starting to pay attention to the economy.  Why is this happening?  What went wrong?  To be honest, the current financial system is […]

AIG is the next in line for the Federal Reserve food stamp program.  As the Federal Reserve decided to stand steady on rates, the markets did an unusual move.  It actually moved up on a no move when everyone around the world was expecting a cut.  Now, it is obvious why the market dipped by […]

Even though the first week of September started with a short week for the market, there were plenty of financial fireworks to go around.  During the week the Mortgage Bankers Association reported that on mortgage loans on one-to-four unit residential properties that 6.41 percent of all outstanding loans in the second quarter were delinquent.  This […]

Ben Bernanke is spending some quality time in Jackson Hole Wyoming.  In his prepared speech, Federal Chairman Ben Bernanke talked about “reducing systemic risk.”  The problem however is that as the credit crisis has rippled throughout the economy the mystique of the Federal Reserve has diminished greatly.  The former Federal Chairman Alan Greenspan still had […]