Without citing a score of essays which say what I'm about to, I tremble when I think of the prospect of a new round of economic decay based on the collapse of commercial real-estate paper, credit-card paper and related gambling slips (derivatives). There are thousands of commercial mortgage- and lease-defaults as well as millions of consumer-debt defaults imminent, which, together with a new round of residential mortgage defaults as "teaser" mortgages re-set, will cause the bank bastards to return to Congress with a bigger hat in hand, and this time there may not be the majority to support their bailout.
If that happens--and it's likely--we're in for a long, hard slog, and worse.
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I think those who scuttle back with hat in hand ought worry less about a majority to support them than about the money being there at all. Even that well can't be bottomless.
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