Ok, I don't even pretend to know what's going on up on Wall Street but, Damn.
Paulson just did his speech, saying that now, the American taxpayer is on the hook for all those bad loans the banks pushed that went belly up.
The U.S. gov., if this even goes through Congress, will become the world's largest bill collection agency!
All those poor people that were conned into taking out an ARM or no doc loan many people living in poor communities, will now owe the loan to the Federal Government.
And the Gov. can take the money however they see fit and they have the IRS to help aid in the collection of the debt.
This is all just happening, so I know that I could really have this all wrong, but....
Oh, and in less than a min. after the opening bell this morning, stocks rose almost 200 pts. on just the IDEA that the fed was going to wipe their sins away, hit the reset button and all is as it was.
That's sort of the way I see it, hitting the reset button.
I'll be posting more later as the shit continues to hit the fan.
Keep buying food. And don't forget to put up some garden seeds...just in case.