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Yes, I think (evil apart) that Paulson and his team may have come to the realization that shovelling out the Shitpile™ is beyond their capacities, in volume and in time.

So balance sheets will go on carrying unpriceable assets. How Paulson can tell us the risk of systemic collapse is taken care of, is perhaps a question for lie-detector treatment.

Can.Down.Road

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Nov 18th, 2008 at 07:25:15 AM EST
[ Parent ]
... liquidity filling the books of the Federal Reserve Banks with crap was the solution to the problem should have no problem believing that this time prosperity is just around the corner (after a small inventory recession to clean out the pipes, of course).


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Tue Nov 18th, 2008 at 08:10:02 PM EST
[ Parent ]
He no longer believes. He's crapping his pants. I think his testimony before congress was the reflexive defense of an arrogant and powerful man caught in water too deep for him.
His world is falling apart. But, he deserves to be recognized as at least aware of that. Most of the rest are still looking for a goat in any closet.

Capitalism searches out the darkest corners of human potential, and mainlines them.
by geezer in Paris (risico at wanadoo(flypoop)fr) on Wed Nov 19th, 2008 at 10:32:06 AM EST
[ Parent ]

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