If you're confused about how us taxpayers will bail out everybody who fucked up, don't be. Atrios explains:
The mystery all along throughout all of this is who would be missing the seat when the music stopped, who would be left holding the bag.
This is not a liquidity crisis. It's an insolvency crisis. People made bad loans, and other people made hugely leveraged bets on those loans, and still more people insured those bets.
And now the taxpayer gets the bill.
In short, we're fucked. And this observation chills me to the core:
Not in the mood to call anyone out, but I am struck by the faith of some that the Wise Men In Nice Suits know what they're doing, conveniently ignoring the fact that these people let this disaster happen in the first place.
More after the jump.
Nor is this promising:
Yglesias meekly suggests that maybe in the course of spending hundreds of billions of dollars to clean up after the Masters of the Universe, we could spend a nickel or two to help poor people.
I'm not optimistic. I know how Democrats react when GOP Daddies in nice suits sit them down and explain What Needs To Be Done. See FISA bullshit, Iraq war, etc...
And, at long last, CNN gets one right:
CNN chyron:
BUSH ADMINISTRATION WANTS TAXPAYERS TO ASSUME BANKS' BAD DEBT
Bend over fellow cynics - this red, white, and blue federal dick is for you!
I hope they're nice enough to provide the lube.
Posted by: Agi | September 20, 2008 at 08:03 AM
Time to bring Guy Fawkes's Day to Wall Street. "V"
Posted by: mandt | September 20, 2008 at 08:04 AM
You can't ask these people to sell their assets because they're the only ones able to afford an ivory back scratcher.
Posted by: Lew Scannon | September 20, 2008 at 06:07 PM
You can't ask these people to sell their assets because they're the only ones able to afford an ivory back scratcher.
Posted by: Lew Scannon | September 20, 2008 at 06:13 PM
Y'know, guys, we were wrong all about PNAC from the beginning.
It wasn't about starting a war with Iraq. It was about starting a war on Americans.
Posted by: actor212 | September 22, 2008 at 09:05 AM
Yeah it's definitely "V" time.
Posted by: HelenWheels | September 22, 2008 at 03:16 PM
thanks for explaining that so well....we are Beyond Fucked...
Posted by: enigma4ever | September 25, 2008 at 04:56 PM