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-- Posted Friday, 26 September 2008 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Friday, September 26, 2008 “Phenomenally accurate forecasts” Deal or no deal? We’re keeping our fingers crossed that Congress will stumble its way to a dead end. However, rarely has the World’s Greatest Deliberative Body, even at its most constipated, do-nothing best, failed to inflict damage on the Republic when the opportunity arose. And never has there been such a grand opportunity -- in the form of a $700 billion legislative sausage guaranteed to contain only lips, testicles, eyeballs, gizzards, sweat ducts and other financial offal that even rats and cockroaches wouldn’t touch if it were festering beneath a refrigerator.
There were reports that the bill was stalled, but in the end, heaven help us, it will pass. Bush will sign it without so much as a twinge of remorse, and then a gaggle of sleazy, incompetent, self-aggrandizing liars from both sides of the political aisle will explain exactly how it was designed to ensure maximum safeguards for taxpayers. Rep. Ron Paul would be just the guy to critique the whole stinking mess, but don’t expect him to turn up on any of TV-dom’s 523 channels. Actually, has anyone even seen Rep Paul lately? We haven’t and are concerned that he may be locked away in a closet somewhere on Capitol Hill.
Supposedly, a major stumbling block is Democrats’ insistence that the $700 billion in bailout money be doled out in two equal payments. If we’re going to get offal sausage anyway, a split-payment plan is probably not the worst way to go. Assuming the value of the assets to be held by the Resolution Trust Corp II is going to erode away to nothing anyway, which it will, it makes sense to commit taxpayers only halfway. A year or so down the road, Congress could decide that putting up the second $350 billion would be throwing “good” money after bad. We’d probably be in even worse trouble – i.e., headed for hyperinflation -- if the sniveling poltroons on the Hill realized that our money is already completely valueless – and so, what could it hurt to pledge away another trillion or two. Tomorrow: Why even $700 billion is a joke compared to the problem.
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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2008, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Friday, 26 September 2008 | Digg This Article | Source: GoldSeek.com
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