Doing everything to avoid solving the real issue

Jim Kunstler of Cluster[bleep] Nation gets to the heart of the matter, as far as the Global Financial Calvinball approach to the banking/credit crisis goes:

Alas, the financial impairment is still on-going world-wide and has quite a ways to run before it's finished working its hoodoo on the so-called advanced economies. The lame duck US economic posse so far has done everything possible except the two things that really matter: allow the fraudulent securities at the heart of the problem to be exposed to the light of day to determine their actual value; and allow those companies who trafficked in them to suffer the full consequences by going out-of-business. For the moment, they're content to shovel cash into the truck-bed of every enterprise in America that shows up at the Treasury loading dock.

This is what I mean when I say, "The solution to lack of transparency is not liquidity. The solution to lack of transparency, is transparency."

Sooner or later we will get there. It's just a question of how much needless pain is inflicted on taxpayers and the real economy before then.

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dead on

Propping up the Ponzi Scheme with taxpayer money is not going to stop the house of cards from collapsing.

If only our Congressional leadership would call it this succinctly.

They will not, they are genetically incapable of doin so....

.....which is why they must all be replaced. It will be interesting to see how Obamanation spins the Dem position. Bush, as always, offers the 'dummy leg' of, 'Well, we, the Obamanation cannot really take any action until we are in power.'

Do we think the citizenry cares about such 'nicety'. How about that foreclosure rate? Ever thing OKay wit' da Baltic Dry Materials Index?


Paulsen's pals all got paid so all is well.

'When you see a rattlesnake poised to strike, you do not wait until he has struck to crush him.'

If I hear one more hearing

Where we get just damning testimony which Congress then completely ignores and votes however corporate lobbyists want them to....well, it's like a snow show.

On the foreclosure rate some of the banks are voluntarily setting up their own refinancing programs, but there are estimated 4 million foreclosures coming.

Now that the unemployment rate is spiking up yet we hear arguments on the hill about how the UAW (unions) are the problem of the big 3 (lie, lie, lie) and how Americans need to be more productive (we have some of the highest productivity rates in the world) when they mean paid even lower wages....

Well, once again ignoring the fact the economy is the US working and middle class means more disaster ahead.