Lawrence York

Added Debt Won't Rescue the Great American Ponzi Scheme

I think the author is dead on in his assessment that more debt is not the cure of America's financial woes. I would additionally add that US unrealized debt will amplify as the US is forced to repatriate the fruadulent securities it packaged and sold around the world; as GNMA's losses are realized, and as a wave of credit card and auto securitizations go bust. Indeed the solution is also a problem. The big bang will come when the US government completes its transfer of bad debt to the Treasury and the world, en masse, concludes that private securities are the place to be as government guaranteed securities are a complete illusion. The answer then, is a for sale sign--selling US private sector assets to foreigners in any amount they desire.

Here I Go, Criticizing Warren Buffett

Buffett needs stocks to go up. Berkshire is a 100% invested in businesses many of which are publicly traded as is Berkshire. His confidence in buying into stocks may be self-serving, but his interest, like it or not, are aligned with every long term "buy & hold" investor, every company, the government and every reader who recognizes the severity of this financial crisis.

Is the $700 Billion Really for Bailing Out the Fed?

I don't think it is necesary to believe in a conspiracy to follow the thread of the position the Fed has put itself into by accepting crap as collateral for real taxpayer money. The Fed needs a bailout and is recharacterizing Treasury's Bailout as one for the banks who should've already have paid the Fed back. The plan is to overpay to give banks capital again in exchange for the securities the Fed needs to give back. I think this accounts for why the original proposal was for no oversight and no court redress when they were found out.