Tuesday, May 05, 2009

I'm worried, very worried...

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.

1 comment:

Unknown said...

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.