The money helicopters drop in

with a little support from short banning (which apparently includes options trading as well) the government is stepping in to the tune of an extra billion. Yay!

The positive story goes something like this: there is a backstop to the housing. The govt is going to own all of the bad debt in mortgage (not just the good stuff in Framae). Yay! The government is backstopping the money markets with public loans. Yay! At least they have the shadow banking beast well under its sights and the zombies (hedge funds) spreading the virus have been rendered innocuous without their shorts. The markets have been stabilized, nay saved! Ideology, free markets, moral hazard, taxpayers and all that hocus pocus be damned. This is america, these are the money helicopters and they are dropping hundreds of billions on main street. Rejoice.

The negative story goes something like this: The USA is becoming the USSRA on the cheap with nationalizations of key institutions and most people not realizing it or cheering this momentous world socialist moment. Such a large slice of humble pie is too big to comprehend. Thank god it had to be a Republican administration that enshrined socialism in the US of A for the next 20 years.

This is both a game changer in terms of stabilizing the markets (125 on SPY throughout the day). It may stabilize the housing market. I do believe the extremes have been avoided. This market will go down, but it will go down orderly. Capisce?

His name was Hank Paulson, and Long live the USSRA.

Comments

Anonymous said…
Are you kidding or exaggerating here? This is a honest question. Perhaps you could tell those of us that don't fully understand everything that is going on, how the current financial structure in the USA is unlike "USSRA". Thanks, I love reading your blog!
Juha Lindfors said…
Was difficult to keep up with all the rescue news yesterday but did they go ahead with the toxic asset management company plan? In Finland this was affectionately known as the "Trash Bank" when it was set up in early 90's when the banking crisis hit. It took them more than a decade to get rid of all the trash but eventually they did and closed the doors. Read from couple of different blogs that fed was studying that model for ideas how to get out of the current mess.

In other news, whoever bought european bank stocks wednesday at the bottom made a nice 50+% profit by friday close. Must feel good ;-)
Marcf said…
Anon,

no I am not kidding, nor exaggerating.

JL: I wish I could time the market that well I got in, I sweated a lot, I got out with little loss. Not worth it.
Army No Va said…
I looked out the window and I didn't see any money coming down at my house or in Buckhead at the old JBoss HQ :-) ...

Called my banker and asked for a special delivery...."How about $200K off the principal of the mortgage?". He said he'd do it when he got his!
Marcf said…
JL: no I don't know that congress has passed the trash bank act yet. I could be wrong.
Anonymous said…
^^ nice blog!! ^@^

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