Blaming a bunch of bad mortgage loans at US institutions Fannie Mae and Freddie Mac for the whole worldwide financial crisis is rather simple-minded. The main cause are loans made between investment banks all over the world, in most cases totally unregulated by any of the governments involved.

Now that makes sense! The peoples of Europe certainly don't blame fred and fanny for their financial crisis! McCane seems to be the only one that uses this simpleton argument.

European banks didn't invest in the toxic paper?

Looks like the stockmarket is coming back, and the banks are flush with taxpayer's money! Good things are ahead!

However, I just read this:
"Palm trees in many Phoenix neighborhoods will be left shaggy this year. The city can not afford to prune the trees!"

The old saying,
"If you own a thousand Dollars to the bank, it's your problem. If you own a million Dollars to the bank, it's the bank's problem!"
has to be amended to,
"If you own a thousand Dollars to the bank, it's your problem. If you own a million Dollars to the bank, it's the taxpayers' problem!"

The father of all trickle-down theories, George W. Bush (Lancaster, PA 10/03/2007):
"You know, when you give a man more money in his pocket -- in this case, a woman more money in her pocket to expand a business, it -- they build new buildings. And when somebody builds a new building somebody has got to come and build the building. And when the building expanded it prevented additional opportunities for people to work."

Ene, I sure hope you meant 'owe' rather than 'own' - just saying.

World-wide GDP is about $60 trillion while the world-wide debt is about $100 trillion and US debt is about $70 trillion.

Be afraid, be very afraid.

World wide CDOs are the anvil-based safety parachutes for banks.

See, see - everyone laughed when I brought up posse comitatus! Do you still think we should have USMC/USAF/USArmy become internal police? pant,pant,breath,inbreath,outbreath - okay,okay om mani padmi hum ohm,om.
The black helicopters,The black helicopters
sputter,sputter nom me oho rengi kyo

That was the reason the army issued black berets to the entire army - the French control the UN and blue berets would have been too obvious.

George W. Bush in Falls Church, VA 4/29/2005, on what private accounts could do for Social Security funds:
"It means your own money would grow better than that which the government can make it grow. And that's important."

George W. Bush in Falls Church, VA 4/29/2005, on what private accounts could do for Social Security funds:
"It means your own money would grow better than that which the government can make it grow. And that's important."

Aren't we lucky that we didn't listen to Bush and McCain in those days.

I've taken a vow of poverty. To annoy me, send money.

There are 10^11 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.

Let's hope that a hundred billion smackers will safe the US auto industry.

My dad has his degree in economics, actually taught it for a few years. He is not really a pessimist, but keeps telling me:

When it comes to emerging markets, Eastern and Central Europe account for $1.6 trillion in loans from G10 countries' banks. Followed by Asia with loans of $1.5 trillion and Latin America with $1 trillion.

If you break down the loan originators, European Union banks and United Kingdom banks are where roughly 50% of these emerging market loans came from. In contrast, only 9% originated from U.S. or Japanese banks.

That means it's European Union and U.K. banks that are much more exposed to emerging economies in Eastern Europe, Asia and Latin America. These banks have a disaster on their hand! Their countries could simply run out of money to bail them out!

No smiles in the US however, if the EU and the UK gets ino trouble, it will find its way back to the USA. We are all linked together.

Happy holidays!

Ene - if your dad is not on Obama's economic board, he might be one of the few left in the country not so employed.