Today we celebrate the Fed's balance sheet topping $2 trillion, led by purchases of commercial paper that may include a stealth, alternative mechanism for bailing out AIG:
While we haven't broken down the results by precinct, we do have some county-based comparisons based upon Obama's sweep of the district, and the last presidential election. Here goes:
I did some empirical research. B.J. did a pretty miraculous job. Consider that:
I'm grateful that Dr. Tom DiLorenzo, professor of economics at Loyola College, took the time to write a rebuttal to an inexplicably ignorant hit-piece recently published in the Wall Street Journal entitled "A Short Banking History of the United States."
Please pray for my family. I got word today that [large national bank that got itself bailed out] declined my well-documented plea for a mortgage restructure. I had numerous state and non-profit organizations working to help me get the terms of the predatory loan normalized so we can afford to stay in our home. I cannot bear to tell my children and am praying for a miracle even yet...
I corresponded with many voters regarding the bailout package yesterday. Here is my typical response, with some points to consider:
Those folks who are just interested in rising asset prices (CNBC talking heads and stock newsletter writers) generally like the plan, which those who are concerned with the foundation of the banking and economic system don't like it.
The proposed $700 million bailout is unlikely to increase trust between banks, will threaten our sovereign credit rating, and may even collapse our currency.
It only attempts to protect favored banks, and ignores the reality that trillions of dollars in bad debt must be liquidated before we can recover from this crisis. For every lender there is a borrower, and our borrowers have simply assumed too much debt relative to their income.
I have tried to maintain a sense of decorum and respect for the August Institutions that comprise Our Nation's Government. I have tried valiantly to speak respectfully of My Opponent, who has Served His Country as a Public Servant for twenty of the past twenty-two years.
But the cognitive dissonance required to maintain that respect is rapidly eroding.
This has been a historic week in our financial services industry, and markets. Last night I was joined by David Williams, a financial planner and long-time student of the markets, to discuss the current turmoil and the root causes behind them.
When I started this campaign last November, the national debt was tipping the scales at $9.3 trillion. Today it is over $10.1 trillion.
The proposed $700 million bailout is unlikely to increase trust between banks, will threaten our sovereign credit rating, and may even collapse our currency.
I have tried to maintain a sense of decorum and respect for the August Institutions that comprise Our Nation's Government. I have tried valiantly to speak respectfully of My Opponent, who has Served His Country as a Public Servant for twenty of the past twenty-two years.