All liquidity was based on confidence of repayment, not actual deposits. And not just for a few mortgage issuers but the entire system. So, its supposedly not the beach-house-in-the-Hamptons, $20 million severance package, Armani clad class from wall street we are saving, or their firms but rather the quantity of cash in the money pool that can be lent/spent to found, expand or just run businesses. In plainer English, we are to swallow the claim that to save our own jobs, we have to save the CEOs and CFOs and the bundlers of moldy mortgages.
I have to ask: if that is how fragile the US financial machinery really is, why on earth did the Bush money mavens leave it so exposed to default? Why did they administer what is in a sense a confidence game in a way that made it so easy for a little greed to undermine a lot of confidence? I read commentary saying Paulsen is no where near as dumb as his boss...but that ain't saying much.
What does McCain know that I don't know? He knows the Republicans are going to, or at least he is going to scuttle the agreement...why should Barney Frank get any credit?
What is left? What has he done repeatedly in his career with some form of success? He's crashed airplanes and lived to tell about it is all I can find. That is why I call him Capt. Crash. Keep him away from the capital lest some horrendous accident might allow him to act out his delusions of being able to pilot our nation.