September 21, 2007
Dollar tanks on lower U.S. interest rates
Jane and John Doe must now pay to bail out the culprits.
When I gas up my vehicle I will be paying extra because the dollar's buying power has taken a hit.
The financial types that made the suspect mortgages walk off with big commissions from making the loans, packaging the loans, reselling the loans and repackaging and reselling the loans until the "Ring around the Mortgages' game came full stop.
Jane and John Doe now have to pay for greedy, shoddy asset allocations in the financial sector not only by having margins on their next loan increased but by watching the greenback crash world wide as government 'of the banks, by the banks' lowers interest rates to bail out the thieves.
Capitalism spills more uneconomically useful cash annually than the combined unfunded requirements of social security and Medicare. Place a one one hundredth of a percent VAT tax on non consumer capital flows so the Doe family can eat at the same trough as the CEOs and their extended family.
Seriously - this is just the beginning.
And its bad.
Bush ought to be paying out of pocket, or Cheney with his Halliburton blood money.
It must have been fun when you were on your adventure!
We are just spending a week in Barcelona and I have not been there since 1992.
Vino, tapas, art, architecture- all good.
Links to this post: