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09/29/2008

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Priceless! I'm with you!

No Tom there is nothing Leninist about it. I don't endorse this as an ushering in a any new era...fact is I would have done better financially had the thing passed. And I do hate to inform you but you, me, Wally, et. al. are already fucked! 100 Trillion in undeliverable obligations...yeah tell me how much in payroll deductions will be required to handle my end of that!

This economy as it is currently constituted is finished! All the bailout would have accomplished is to let the thieves continue thieving until the very end! The rest of the world is wising up to the fact that the Federal Reserve process of painting perfectly good paper with perfectly useful ink and making both worth less in the process isn't going to fly any longer.

I couldn't bring myself to watch it last night but I can guess what Hank told Steve Croft on 60 Minutes last night. "I'm shocked, shocked I tell you at the lax oversight on the part of the regulators....!" He's a fucking liar as he was and remains an active participant in derivatives operations at Goldman Sachs. Blind trust my ass....you can't be that naive.

I'm with Fish.

The Austrian school of economics, better known as the Chicago school in America, has been pointing out for a very long time that we're a bunch of W.E. Coyotes running on air - and eventually we're going to look down.

Better now than later, and it's not like there are any 'innocent bystanders' (beyond the foreign countries who made a bad choice investing in us). Let the hammer fall.

Adam,

I'd be careful lumping the Austrians in with Chicago/Freidmanites!

You might find yourself in a fistfight.

Or two fistfights if both groups inhabit the same bar!

I wasn't aware that fish was a conservative. Are you?

Hmm. Maybe I spoke ignorantly. Now I have to go back and do some refresher reading. But I think their differences are more a matter of degree, and I'm sure the Chicagoans at least have Mr. Mises and his ilk to thank for his trail-blazing.

fish isn't a conservative and hasn't been for a very long time.

Of course don't infer from the previous statement that I am in any way a liberal.

Better to think of me as an equal opportunity hater.

Hey....markets up 350 points.....revolution on hold......bailout superfluous...unecessary.....

Just so Tom doesn't get to point the kook finger only at Republicans, there are plenty of left-wingers out there all to eager to usher in the next depression as well.

"The bail out will take place simply to avoid that depression. But depressions have some salutary effects - the scoundrels go belly up, the weakest get purged. And, in the wake of the disaster, people demand strict regulation of the money lenders to keep their greed in check, and government spends money on the real economy to put people back to work."

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