Saturday, September 20, 2008

Simply put ...

Mr. Philadelphia boils it down to one paragraph:


Again, the problem is that lots of bad loans were made, lots of people made highly leveraged investments in those bad loans, and still more people bet on those loans by insuring them. The loans are bad. The mortgages are not going to be repaid in full. Housing prices are not going to magically shoot up 50% over the next 6 months. People gambled and lost and now the Democrats are racing to bail them all out.


As I said about the airline industry after 9/11 (remember that bailout?). They shoulda been allowed to go under and let the chips fall where they may. Darwinism works. Time for a little pain.

When Black Friday comes
I'll stand down by the door
And catch the gray men
When they dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
When Black Friday falls you know it's got to be
Don't let it fall on me



Steely Dan - Black Friday

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