| misery loop 2
I read somewhere today that the total prospective damage from the current financial system train wreck was estimated to be $500 billion (or was that $600 billion, who knows, what's $100 billion?). Damn, that's alot of money. That's alot of arrogant, stupid, and/or greedy people out there. Its just hard to fathom when you sit down and actually think of these numbers.
It is interesting, that when this all started last February, it was "contained". Then, by about July, the prosective damage was quoted (by Helicopter Ben himself), at about $150 billion. Now its up to $600 billion. Fact of the matter is, they don't have an f'ing clue, do they?
And what is the answer? Devalue my savings to bail these 'holes out. Another 100 bps comin' Ben? I don't see any Hampton addresses on the foreclosure list to help make good for anyone who is suffering collateral damage. And Joe Everyman is sophisticated enough to buy oil futures and Euros to hedge against the same financial system that just sold him a house he can't afford while trying to hold down a job, raise a family, and fix the plumbing. C'mon. But that is what they want you to believe -- give us a free market so we can destroy it while we take all we can first, and if you're too unsophisicated or busy to hedge against the collateral damage from our stupidity, hubris, and greed, too bad.
Oh, but we'll send you a $600 check just to make you feel good in time for the election. Fire up the printing presses, Ben.
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