It STILL is a Wall Street bailout !! As someone commented on Marketwatch "You can lead the consumer to liquidity, but you can’t make him drink."

"One source of concern is that the Fed only plans to buy the safest, top-tier commercial paper.
The riskier, lower-tier commercial paper is a smaller portion of the market, but has seen particularly low demand. The rate spread between top-tier and lower-tier commercial paper is typically 0.10 to 0.20 percentage points, Atkins said – and right now, it’s about 3 percentage points, indicating a massive aversion to the lower-tier debt.
The biggest sellers of top-tier commercial paper are financial companies. The paper sold by companies outside the financial sector is usually lower-tier.
“Those guys are still kind of left in the cold. The dislocations in that sector of commercial paper don’t figure to improve materially directly as a result of this plan,” Atkins said"

See here

And Roubini says there is still more to be done(ala what European nations have done): here

If such a step is taken, then the ‘system’ will ‘stabilize’ but that doesn’t mean that things will start moving; I ,like others who commented on Marketwatch, are doing all we can to be debt free which means no more borrowing and paying off what debts we have and no buying of ANYTHING that is not essential.

"Retirement accounts have lost $2 trillion" ; and they wonder why no one trusts them. Here

Wish more people had seen this when it came out.

Lessons From Modern Economic Crises (Not for the Fainthearted; -and if you’re not ‘fainthearted by now, you’ve bigger cojones than I do(and mine are anything but small)
""The episodes of credit crunches and housing busts are often long and deep. For example, a credit crunch episode typically lasts two and a half years and is associated with nearly a 20 percent decline in real credit. A housing bust tend to last even longer: four and a half years with a 30 percent fall in real house prices. And an equity price bust lasts some 10 quarters and when it is over, the real value of equities has dropped to half."

"A Glimpse Into the Abyss" or "How I stopped worrying and learned to love the bomb"
""This is a key point missed in many analyses.
This is a “short squeeze” on those who have used the dollar for a vast global carry trade. International banks are facing margin calls on their dollar leverage. It is why the Fed is having to provide $1.25 trillion in dollar liquidity for the entire global system, according to estimates by Brad Setser from the Center for Geoeconomic Studies.
The crisis engulfing Europe, Asia and emerging markets, makes life easier for Washington. The United States is becoming a safe-haven again.
The Fed can now hope to pursue monetary stimulus “a l’outrance” without being slapped down by the currency, debt, and commodity markets. Take comfort where you can. "

So today I get an email from BofA offering $50 to open a new account and then an email from a job search engine where Merrill Lynch(now BofA) is looking to hire a ‘financial advisor’ . Sheesh. AND a bunch of jobs for SAIC in Maclean,VA dealing with computer security.
If you want to see -actually view- what the U.S. will look like come the future -and what Britain currently is implementing and moving fully towards, check out the PBS series " The Last Enemy" on Masterpiece Theatre.

And what is occurring with those holding U.S. dollar ‘reserves’:
"Abu Dhabi invests in US chip maker"

More McCrazy history



Jobs I've had: mowing lawns,delivering newspapers,Bedding deliveryman, short order cook,vietnam vet,bookkeeeper in Fulton Fish Market,merchandiser/asst. buyer in Garment District,Womens shoe store salesman and asst.mgr.,wholesale egg delivery man,telephone company phone booth and car washer,taxi driver,mud carrier for bricklayers, college student,radio/tv repair training, fm disc jockey, dealer,Vegas bartender,registered commodity representative(broker and mgr.),programmer,systems programmer,systems engineer,pre and post sales engineer,computer admin, computer systems support,notary public and probably a couple of other jobs I've forgotten.