THE WAKE UP
Futures are trading up a bit lower the big downward fall yesterday afternoon-
ES -1;
YM -4;
NQ -1;
Clearly not meaningful- although happy to see we aren't way down -
Dick Armey on squawk - and always with dopey stuff - today telling us how bad the government is at running things- Hey clown it wasn't the government geniuses that got us into this mess - it was the clowns making all the loans to all the peeps who would never be able to make payments or pay back the debt-and if the gov didn't step up quickly well who knows where we would be today- please WAKE UP.
Samberg and Pequot - shutting down;
Hussman with the "Abrupt Downside Risk";
Some big news out of the IRS - plunging revenue;
Good news on the cancer front;
Martin Feldstein on the worst may be over but;
France - with a drop in their beverage sales;
posted by DAVID at
7:49 AM
3 Comments:
Hate to disagree but if the rating agencys had done their job and rated the bonds as junk instead of AAA the mortgage companys could not of unloaded it. I put 90% of the problem on the ratings scam.
Go Gators
Y they were pretty awful - but when the guy your rating pays you - well its like paying the guy who audits your books
Let's not forget that the Dems (in particular Barney Frank) encouraged Fannie and Freddie to subsidize mortgages for any and everybody adding fuel to the fire. The FED mispriced interest rates as well so the gov't did have a large role in the shenanigans.
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