M-P

The Biggest Money Grab in History

This is a good piece. I think John hits some of major issues - too much of X and too little buyers ... will take some time to find the equilibrium. With unemployement likely to go up (finserve alone), I don't see a happy picture for the next 9-12 months. The other point that hit home was the '03 to '05 "bull" market, which was built on unsustainable risk and, at times, malfeasance. The real tradgedy is that the US comes off as a big hypocrit. Our bailout plan is not what we tell other countries to do when they have a financial crisis, etc. I always struggle with people who can't take their own advice. Add-in that Paulson and Co. have been spinning a fairy tale over the last year - it's all contained and getting better - and the credibility of the key players is dubious at best.