Bailout Links for 02 Oct 2008
I was working on my Friday links article and I saw that way too many of them were specific to the Bailout and all things financial, so here they are in a seperate post:
Derivatives are the Next Big Problem | $55 trillion dollars in credit swaps is where a lot of growth happened, however, it wasn’t proper growth. So now, we’re stuck with a big problem. No bailout can fix this stuff. It just has to adjust.
Bank Limits Fund Access by Colleges | Wachovia has limited about 1,000 colleges access to their $9.3 billion i assets held by the bank. When credit disappears, bad things happen.
BB&T President Tells Congress to Rethink the Plan | John Allison, President and CEO of BB&T, basically called out Congress asking why there’s a bailout for people who were simply irresponsible and reckless and calls out many of the points that are just plain dumb. Here’s the original PDF scan
Treasury Admits No Basis to $700B Figure | From the article: “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
There is no Crisis | A commentary calling out what it sees as a blatant lie of the Bush administration to help their friends on their last days in office.
A Moral Hazard for the Housing Bailout | How do you sot out those who really got screwed versus those who wanted to play the market and got caught with their pants down (but were knowledgeable about the risk)? You cannot privatize profit and socialize debt and risk. It just doesn’t work that way. We have to let risk-taking financial institutions fail
Bailout as Nigerian Scam Email | This is quality. For those of you who have suffered the Nigerian email scams over the years, this will make you laugh (or cry… you decide).
Wonkette Canned Soup Index | Campbells Soup is the only thing to gain in a day of losses. Bring on the soup lines!
Credit Cards to Implode | UK analyst believes that “a combination of a 10-year steady drip of deteriorating personal finances and a tidal wave… brought on by the mortgage and credit crisis leads us to believe that credit cards are going to implode in the near term.” Yay.