Frequenters of this blog may know by now that Jim Kunstler gets a Eff Bomb Warning every time I link to him. But he's such a brilliant Cassandra, and so very often right, that hopefully my good Catholic and other conservative readers will forgive him, an dme for a couple of eff bombs.
It might be useful to try and think of them in the Irish sense, like boldface type or exclamation points, rather than cussing. Go here, scroll down and it's on the left side - July 14, 2008 Cluster**** Nation
Here's a snippet to whet your whistle:
QUOTE With the death of the IndyMac Bank last week, and the GSEs Fannie Mae and Freddie Mac laying side-by-side in the EMT van on IV drips, headed for the Federal Reserve's ever more crowded intensive care unit, there was a sense of the American Dream having passed through the event horizon that denotes the opening of a black hole. What would happen if the US Government acted to bail out these feckless enterprises (and what if they don't)? Either way, it's not a pretty picture. If Mr. Bernanke does start shoveling loans into the GSE black hole, he'll further undermine the soundness of his own outfit and do nothing, really, to repair Fannie and Freddie's structural problem of having securitized too many loans that will never be paid back. If instead Fannie and Freddie are flat-out taken over entirely by the US government (and remember the Federal Reserve is not the government), then the national debt will roughly double overnight -- which will pound the US dollar down a rat-hole. UNQUOTE