Nice lady, dumb as stump. It is great that Obama is willing to admit a mistake and change his policies once he finally recognizes abject failure. Fuck Bush could do that. Unfortunately, there is not going to be enough air left in the room for a second shot at the economy. We needed swift decisive action two years ago, when Little Ben finished hammering in the final nail with the last rate hike.
Two years ago we could have fixed most of this by merely allowing people to refinance at 5% and eliminating PMI. We have waited so long to take the appropriate action and squandered so much in the current supply side approach that there is nothing left.  In addition to that, every pension plan in the country is pretty much wiped out along with 401ks and any other retirement vehicles.
In other words: “It's over — we're officially, royally fucked”-Matt Taibbi, and he don’t know the half of it. As threaded on a few weeks ago, the commercial real-estate market is now in the shitter as well. Which make sense, because no one has any fucking money to spend or is to terrified of losing their job or of a massive pay cut. Let alone borrow money.
Every fucking day that this across the board insanity continues is a day closer to the point of no return.

by sisco66 on 05/14/2009 06:55:07 PM EST