I guess I have been clear regarding the bailout, or rescue, or whatever it is. I don't like it.
And it ain't over folks. Congress is seriously looking at changes to the 401K system, which is becoming the foundation for many folks' retirement.
I don't think the government needs to own parts of the banking system and with preferred shares no less I see. Nationalization, pure and simple. And we can't even get it right. Put Warren Buffett in charge. PLEASE!
I don't think the government needs to buy paper that is nothing more than a symbol of monetary value. It's value is whatever is assigned at the moment, there is nothing to back it up at all, nothing whatsoever. If it was computer software we'd call it "vaporware."
I don't think I need to bailout all the thousands of would be homeowners who let their lust for homeownership overrule their pocket book. I am likely to find myself in an 'upside down' mortgage if the housing market continues its slide. No one is offering to help me out with that since I bought what I could afford and didn't take the snake oil or drink the Kool-Aid. Silly me for trying to be responsible.
I don't think what is happening here is really analagous to the Great Depression, or any other recession in the past. Times are quite different. We clearly have depleted and declining natural resources. Karl Denninger, who I have not read before, expects the worst. And he follows the market in all its delirious details.
I am a living witness to history, only not the happy kind like the moon landing of 1969. I expect the next several months to be the equivalent of riding the tilt-a-whirl and scrambler at the same time. Pass the Pepto-Bismol.