Thursday, November 13, 2008
City Council: Detroit needs $10-billion bailout
It's getting worse. Money must be made available to states and municipalities now. Too much time has been spent trying to prop up much of what is worthless in the financial sector. Very few non-bank entities really have any reason to still be around. The entire thing was an artificial construct born out of excessive deregulation. It added little benefit but brought enormous risk.
Paulson abandons his troubled asset purchase plan for what appears to be a "Whack the mole" strategy. Curiously, it is worth noting, that the troubled asset wharehousing scheme did get us out of the S&L mess. Paulson appears to be reeling, not knowing which way to turn. Bad. Really bad!