And Late Breaking News
“Political Will”, when uttered by a Villager, means the ability to ignore the opinion of the American people.
The Iron Triangle of Institutional Washington, the lawyers and lobbyists and media mouthpieces are hoping Obama has the “political will” to stand up to us, to the face of our anger at the elites.
Their vanity doesn’t quite grasp the nature of their epic failure to deceive.
The preposterous Randian “entitlement” of these Massive Failure Masters is exposed. Cadillac Wall Street Welfare Queens they know nothing.
I expect the market to rise tomorrow on the expectation that another Bailout is in the offing.
On the other hand at least the House has blinked, though they may count it a free vote; and I don’t think anyone on “Main St.” or the rest of the 95% of us is going to be fooled by the smoke and mirrors.
To say Obama’s presidency hangs by a thread is an understatement. The housing market has another 20% to drop to historic average. Anyone who thinks that the economy is going to turn around by June (I’m looking at you Cramer) is a cockeyed optimist.
We have to stop paying off Credit Default Swaps that are not asset backed. Sorry if you bet on black time to rake the chips in.
The market rate for toxic assets is 30% but banks don’t want to let them go for less than 60%. Geithner wants to form a partnership with private capital where they put up less than 10% of the money and get 80% of the profits (if any).
Of course if there aren’t any profits (20% drop in housing prices to historic average) we guarantee the entire loss.
What a pathetic sucker bet.
And it’s not like they’re going to buy all asset backed crap either. This stuff includes all those worthless chips on black.
This is going to be a tough sell. I don’t think they have the “political will” to do it.