This blog used to be about debt. Now it's about a few more things. But really, it all comes back to debt. Trust me.

Tuesday, September 16, 2008

You Should Be All Over This

Dear Barack:

You're the man, but will you guys get out in front of this Wall St. Crash already? You are letting McCain come out with quotes like "Workers drive the economy." Give me a break.

Hold a press conference. Please.

You're allowed to spend one sentence blaming Bush and McCain, and then you say this is not about blame. It is about solutions and understanding how we got here.

Explain the credit default swap market in two sentences:

It's supposedly $60 Trillion. But nobody knows this market’s real size, or who owes what to whom, because there is no central regulator for it! Can you believe this??

In other words, we don't even know the true impact of AIG going under, or any of the other firms at the center of this.

Add to that the foreclosures problem, the bad loans, the predatory lenders everyone can identify with. And again, for too long, Wall st. was allowed to buy and sell securities based on mortgages they assumed were perfectly sound investments.

They weren't. And some people knew this. No one did anything about it.

Then get your economic team to tell you what should be done next. You, unlike McMaverick, actually listen to advisers, and learn from them, remember?

And if they try to call you some socialist big government regulator...

....I don't need to tell you how to respond, but I'll give you an SAT question hint just in case:

Which of these is different from the others?

a. Capitalism

b. Free Enterprise

c. Rugged Individualism

d. Small government

e. Taxpayer Bailouts


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