Friday, September 26, 2008

what a day

Progress on the Wall Street Welfare Plan? Nope - Bush and McCain can't get House Republicans to support the Paulson deal...
And both Democrats and some Republicans say McCain's parachuting in HURT negotiations. "Now that we are on the verge of making a deal, John McCain airdrops himself in to help us make a deal."
Is it even a good plan? Some 200 academic economists - ie, people not paid by Wall Street - say NO, including people like Glenn Hubbard and Greg Mankiw who worked for the Bush Administration!
Adding to the general confusion, the country's largest savings & loan was going belly-up. They didn't even wait to Friday to do it, that's how bad Washington Mutual's situation had become. Kind of a bummer -Washington Mutual was a bank with real deposits, not just an over-leveraged investment bank like Lehman Brothers, Bear Stearn, or Merril Lynch. They went overboard on offering questionable mortgages - and end up being sold for pennies on the dollar to JP Morgan.
But none of this financial bad news is ultimately as bad as THIS news - greenhouse gases are building up in the atmosphere quicker than expected.

Maybe the question should be, will over-leveraged Miami Beach homeowners default on their mortgages BEFORE of AFTER the rising seas swallow them?

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