Looks as if the stock market thinks the government’s (vague at this point) plan will save us all.
But…not so fast. Those with an attention span of more than 30 seconds will question how, exactly, the government is going to improve anything about the “crisis.” My favorite synopsis so far is Lee Adler’s:
“The gist of the story is that they are going to ban short selling, and create an agency to buy all the bad paper, which isn’t even possible because there’s not enough money to buy all that crap even if every government in the world participated. Hell, China and Russia already own a ton of it, and look how great they’re doing. So let’s just borrow a bunch of gazillions from them and make indentured servants out of the US middle class for the rest of their lives, their children’s children’s lives, yea even the lives of all the children of the US, South Africa, and Iraq, such as and whatnot till the end of time. Hey, it’s only money after all.”