[Rhodes22-list] Forrest Gump on Bailouts

[Brad Haslett]

This makes as much sense as anything I've read. BTW, I'm on record for
asking for a do-over.  The original 700 Billion was supposed to buy-up
the toxic assets and dispose of them - that made sense to me.  So, how
many have been bought to date?  How bad can things get?  Who knows,
but we're no where near anything like the Great Depression despite the
talking head idiots who wouldn't know what an economics text is even
if it hit them in the ass.  That won't stop folks in DC from acting
like we need Great Depression social programs (most of which failed)
to further their agendas.

Brad

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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'.

Quote of the day from a fund manager:

'This is worse than a divorce... I've lost half of my net worth and I
still have my wife.
The bailout, a different perspective:

Back in 1990, the US 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 economy of our country
to a pack of nit-wits who couldn't make money running a whore house
and selling booze?