"Africa is, indeed, coming into fashion." - Horace Walpole (1774)


come what may

Congratulations, taxpayers! You now own hundreds of millions of dollars worth of mortagages and securities that no one will buy!

Debra texted me earlier to say that CNBC was playing this:


Blogger euphrony said...

Is it just me, or was the market already taking steps to correct itself without government help? With Wells Fargo stepping in and buying Wachovia without government assistance, muscling out CITI that had agreed to buy with assistance, that seems to me like Wall Street is working and able to fix itself. At least to some degree, enough to make one pause and seriously question the need for a $700 billion pig in a poke.

Friday, October 03, 2008 3:38:00 PM

Blogger CharlieMac said...

Several troubling questions quickly come to mind..
If the government stands to make a profit when the market recovers, why take that possible profit away from the mortgage companies?
Is the Government going to evict the families who defaulted on the loans?
Is the government going to rent out the properties?
If so to whom?
Is the government going to maintain the properties or allow them to fall into disrepair?
Who is going to oversee the properties?
Why did the lawmakers allowed to tack so much monies onto this bill which will go to industries and companies not related in any way to the housing/mortgage crisis?
Why do we not have a line item veto law?
OMG, why did we allow the same people who made the laws that made the mess make the law which they claim will straighten out the mess?
Charlie Mac

Friday, October 03, 2008 5:16:00 PM

Blogger texasinafrica said...

I've got one answer:

We don't have a line item veto because the Supreme Court ruled it unconstitutional in 1996 or so.

Other than that, who knows?

Sunday, October 05, 2008 7:53:00 PM


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