Monday, September 22, 2008

Markets Continue Spiral - Gold / Oil Spike

America's $47-trillion bubble of debt has burst. America's $180-trillion balloon of derivatives has popped. And all the president's men cannot put them back together again.

Last year, they tried three different mortgage work-out plans. This year, they tried a massive economic stimulus package. They resorted to a myriad of unprecedented lending facilities. They even bailed out Bear Stearns, Fannie Mae, Freddie Mac and AIG. Each attempt was more radical than the previous. And each attempt failed miserably.

Now, appearing before the American people at the White House Rose Garden, they've declared that they're going to try again, this time with an even bigger, more ambitious plan: A structure to buy up the bad debts of sinking banks ... a guarantee for money market funds ... a prohibition on certain short selling activities. And with all this, they say, they're finally going to "restore confidence" and "end the debt crisis." From the Money and Markets .com website

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