spellcheckman's Blog

Referring to the $700b bailout.  A very sad bi-partisan effort to do something, anything, based on fear warnings sent by the wallstreet physicists that no one understands.

After watching "60 minutes" dissect the problem last night, it could very well fail based on two key points.  1)  the total exposure could be as high as 11 trillion dollars, and if so, the 700b won't come close to touching the problem.  2)  The total figure IS unknown because of  "swap" policies  sold to back up the toxic mortgages acting as insurance for these securities but couldn't officially be called insurance because then it would be regulated.

So the unregulated "swap" policies could bring the financial houses down even further.

The LIBOR index,  currently an unknown acronym for most, will move to the forefront of American conscience.

IF the bailout was a serious effort, it wouldn't be laden with pork.   100 million for Nascar tracks, 60 mill for the wooden arrow industry, and 220 million for the Valdez Alaska affected by the Exxon oil spill.  What a joke.

Those of us in recession proof jobs:   utilites, government, health care, energy, oil, infrastructure power plants, maintenance,  defense, some landlords with paid off rental houses, the food industry, and others, should be ok in the current recession, it is the recession affected jobs where the most misery will be affected:  new auto sales,  retail, clothing, etc.