Tally of Federal Rescues
In the Sunday NYT print edition, there is an excellent visual depiction of costs all the Federal bailouts relative to ordinary fiscal expenditures (Iraq & Afghanistan Wars, Medicaid, stimulus package, social security, etc.)
It is extraordinary to see how our on the fly, poorly thought out cures are so much more expensive the debated, modified, well known "ordinary" expenditures of the government.
The NYT buried this graphic, which you could never have found online unless you first saw it in the dead tree edition and then went a-huntin for it.
A Tally of Federal Rescues:
click for ginormous version
graphic courtesy of the NYT
An ounce of prevention is truly worth a pound cure
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Bloomberg.com and MSM reporting a deal has been done. No doubt there will be something in this for everyone... mortgage workouts, recapitalization and equity stakes for the taxpayer.
Hopefully the sillier insurance program ideas of the younger House Republicans are out. More of the concept that brought us AIG, Ambac and MBIA...? If you look at Cantor you can see right through his skull, nothing between the ears.
Another victory for cynicism over rational thinking. Reflation trades are on, keep an eye on the 10-year.
Posted by: leftback | Sep 28, 2008 9:39:56 AM
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