Sunday, March 29, 2009
Toxic to taxpayers?
The government has done nothing to steer us out of ruin as far as I can tell. The truth may be that they have done just the opposite. We have huge losses that the banks refuse to take and we have the government trying encouraging overpayment for these assets. There is no that they hand of government can guide this ship by punching holes in the bow to let the water out that is coming in the others holes in the stern. We are encouraging the banks to hold out rather than clear the market. We have just tried to fast foreword to the resolution without taking the necessary steps to prime the pump. We have had a rally but banks are already tempering their comments about their Fantastic start to the year. I want things to be better as much as anyone but I think we might have just started steering toward another iceberg.
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