http://blownmortgage.disqus.com/Mortgage and finance with a sarcastic bentenFri, 03 Oct 2008 16:50:28 -0000http://blownmortgage.com/2008/10/03/the-bailout-staggers-on-through-congress/#comment-2828363Right on, Fielding Mellish.<br><br>All that and the stock market was down again today. Bloomberg says it's because the package wasn't big enough. Who decides these things? The country and the dollar have been weakened further.<br><br>And so much for listening to the voters. There was an enormous grass-roots protest, which was ignored. <br><br>Today's Friday. What will be bailed out this weekend?mgdunganFri, 03 Oct 2008 16:50:28 -0000http://blownmortgage.com/2008/10/03/the-bailout-staggers-on-through-congress/#comment-2825782Passage of the bailout was a g0ddamn shame. We don't have a liquidity crisis. We have a solvency crisis. They should have let it burn to the ground. This is like taking a cash advance on your visa to pay your HELOC. They're just kicking the can down the road. Home values will continue to fall because they're at fundamentally unsustainable levels in relation to household income & comparable rents. Letting the holders of collapsed financial assets take their lumps (whether on MBS's, CDO's or CDS's) would have meant foreigners taking a big hit. Paulson is afraid they'd stop financing our overall treasury debt. This bailout should have been called the Foreign Investor Protection Act. We should have thumbed our noses at foreign investors & taken our chances on our own. As it is, we've invited them to dump all sorts of crap in our laps, and it will end up costing a lot more than $700 bil.Fielding MellishFri, 03 Oct 2008 14:52:23 -0000