Tuesday, September 30, 2008
Batten Down The Hatches!
The U.S. Congress has rejected the Paulson bailout plan 228-205 The Dow has dropped 777 points. Predictions about what happens next are taking on an increasingly dire tone. 'Gloom and doom' doesn't even come close. This is really scary. Will we get bank runs? Martial Law? Blogging is a fine luxury. But we may even have to give it up.
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3 comments:
Aw c'mon -- there are more than 8 million Filipinos abroad who will help bail out RP banks. (Hope they're not all sending rupees.)
We'll be lucky to get rupees. As one wag said the other day, the bailout will cost 700 billion dollars...which is about 280 yen.
Keep cool Dean. Situation is critical but none too serious.
Am pleased that todays bill sent down in flame. Required the taxpayer to purchase failed mortages, seemingly at full price and back interest. In return for which, the purveyors of said mortages got the money, did not pay their creditors and retained th ability to obligate the taxpayers.
That would have been at least as bad as doing nothing. Would have been no credit left for anything.
Only sour note in the vote was that some voted "no" out of envy and desire for mindless vengeance. Yes, I am talking about the Black Caucus.
But now, maybe somebody can come up with a spendthrift trust plan that takes advantage of the huge cash flow Fannie and Freddie still have and let the taxpayer off the hook.
Can you say "revenue" bonds without calling me a socialist again? Have run that idea past J E Pournelle, some friends and the Merry Men of the Belmont Club.
All save you think it jus might work.
But anyway, not to worry. There remains ample credit for producive enterprises. Only way the Philippines will have a depression is if the Central Bank wants to engineer one.
On that cheerful note, I am off to a reunion for a few days. Will try to find computer to check in.
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