Link roundup: Financial bailout edition
September 29th, 2008 | by mbhunter |Word has it that a bailout agreement has been reached. The Emergency Economic Stabilization Act of 2008 will head over to the House on Monday. Sounds dire, doesn’t it? It certainly is in the Treasury Secretary’s best interest to paint a dire picture to Congress. And why are these discussions even on the table if representatives’ constituents overwhelmingly oppose the bailout?
Here’s a draft version of the legislation.
Don’t be fooled by any talk of taxpayer protection. Big banks are dumping their trash, we get to pay for it, and warrants are issued if there is any appreciation in this junk? I don’t feel the slightest bit protected as a taxpayer. I have no confidence whatsoever that any of these assets will be anything but worthless.
Oh, one other thing: If the bear market reverses as a result of this liquidity, be sure to check the monetary base figures. The adjusted monetary base rose $75 billion, or 8.5% to $950 billion, last week. This is huge monetary inflation. Even the Dow rises to 15,000, don’t forget what your dollars buy when it gets there. If you’d like to learn more, check out Gary North’s site and at least subscribe to Reality Check. (I’m a member of his site, and I get nothing for any referrals that sign up for membership.)
May you live in interesting times. (Chinese proverb/curse)
Here are some links of interest from the folks at the MBN and other blogs in my reader:
- Get Rich Slowly decries the $22 movie. (I hardly ever go to movies, or watch them for that matter. When I go I usually don’t buy concessions.)
- Consumerism Commentary discusses a charitable giving oops.
- All Financial Matters asks his readers whether it’s reasonable for the government to reimburse residents for the cost of evacuation. (My two cents: no.)
- No Credit Needed is taking a brief break from blogging but here’s what happens when he went through 40 months living no credit needed.
- Wise Bread says that separating wants from needs is critical in tough times.
- Free Money Finance wonders if he’s a “poor dad” in the Kiyosakian sense.
- Money Smart Life talks about how quitting your job can make you a better employee.
- Lazy Man and Money asks and answers some questions about banking failures and bailouts.
- Digerati Life reviews the Washington Mutual buyout.
- Generation X Finance shares a frugal, award-winning chili recipe.
- Being Frugal is more upbeat than I am about the economic crisis.
- Blunt Money says that credit cards are not for emergencies.
Thanks go to Sound Money Matters for including my investing post in last week’s Carnival of Personal Finance.
Have a great week! You might want to stop by Frugal for Life and say goodbye to Dawn as she winds things down.
And may your interesting times be a blessing rather than a curse.
One Response to “Link roundup: Financial bailout edition”
By bluntmoney on Oct 1, 2008 | Reply
Thanks for the mention