Shit Pile America!

I've been bouncing around the blogosphere this morning and it's all abuzz with the big 700 billion dollar bailout plan floated by the same people who basically stood by and watched Wall Street bankrupt America. This is certainly not my area of expertise. Check out this narrative from an insider if you are interested.

If you want to talk Telecasters and Stratocasters I have lots of informed commentary, but when guys like Paul Krugmen and Atrios tell me this deal stinks to high heaven I kind of give them the benefit of the doubt.

Maybe I simplify? That is my stock in trade...

The Big Money Boyz having been making oodles of money with money for years. The old fashioned way of making money, by doing work, providing real services, manufacturing goods, etc. was oh so old world.

The greed and corruption was a self-supporting vicious circle floating on a shit-pile of toxic waste (bad debt). The whole house of cards started collapsing, and the amounts of money at risk world wide turns out to be multiples of staggering.

This is the kind of thing (Black Swan) that could change our lives for a long, long time. And now, people in high places, are asking for the power and the money to make it all right. The same greedy bastards now tell us we must trust them to fix it.

And as John Robb reminds us, most of us were left out of the decision loop. The average American didn't reap the benefits, (Robb: "From 1974 onwards, the rewards of productivity growth (economic expansion) went exclusively to the capital markets and not into income growth for individuals. This was likely done, although the mechanism is unclear, under the assumption that the discipline of capital markets produced better investment decisions than individuals.") but will pay the piper.

Iraq, Katrina, Bailout. There does seem to be a pattern here.