Archive: September 24, 2008

Wednesday, September 24, 2008

1. Steve Dekorte: The Greater Fool:

   AFAIK, The US Treasury proposing to buy $.7T in overpriced mortgages (on top of the $5T from Fannie/Freddie) is no different than if the Dutch government proposed to use public debt to buy debt on $1M tulip bulbs during the collapse of the Dutch tulip bubble.
   
   The purchase of overvalued assets is a game of "who is the greater fool" and right now Wall Street is pulling strings in Washington to make sure it's the public that is the greater fool.
   
   They'll try to justify it by saying it will avoid more serious problems but the truth is that the resources have already been misallocated and misallocating even more resources will only make the problem worse. We'll soon learn just how foolish the American public is.
   
   Frankly, I'm amazed there aren't (yet) riots in the streets. These public purchases of overpriced assets are a transference of wealth from the poor and middle class to the wealthy on the grandest of scales. Apparently "liquidity" means the ability of the wealthy to unload bad investments on the public.

   Edit: Defazio Before Congress on the Bailout

     ¶ (0) Tags: [Opinions/Politics]

Mininova

Mininova is an awesome place for torrents. Now that the new TV season has started I just download the shows when I feel like watching them.

Two things: 1. Fox is stupid for having an 8 day delay before putting House episodes online. That way you can't even catch up so you can watch the next week's episode "live". 2. NBC is awesome and puts its shows online the next day. I always watch Heroes on their site.

Permalink | 2 Comments | Tags: TV/Movies | id 8562

02:33 (utc-5)
edited: 02:34 (utc-5)