They had me at the melting cow

Gawker, that is: It's The "Absurd Financial Product Some Rich Person Actually Bought" Contest!, but I stayed for the story.

Today's decision by the Bush administration to stick us with even more debt (to the tune of half a trillion US$) is just insane. Re-inventing the RTC was a semi-decent idea yesterday, but it's morphed into a massive bailout for the entire economy. These idiots are re-financing the United States. Hell, they're re-financing BAD DEBT.

Ye gods and little fishes. Why the hell didn't we impeach the Clown College when they lied and invaded Iraq?

CNN wants to know, Will it work?

Um.

Those securities were backed by home loans, many made to buyers with bad credit or without proof of income. As housing values fell and foreclosures shot to record levels in the past two years, the value of those securities plunged. That in turn caused massive losses in the financial sector.

This week it reached a crisis situation. Banks and investment firms stopped making the loans to each other as they hoarded cash to protect against any sudden liquidity crunch as well from unknown problems on their partners' balance sheets.

No.

"I'm confident this will work," said Mark Zandi, chief economist with Moody's Economy.com. "The federal government is committed to backstopping the nation's financial system and will do whatever is necessary to make sure the system does not unravel. The details are important but secondary."

The Devil's in the detail Mr. Zandi. This bailout is going to cost more the Iraq war, which has already saddled the US with a multi-trillion dollar debt.

"If this doesn't work, we're in trouble, because there's not much more the government can do," said Jaret Seiberg, a financial services analyst at the Stanford Group. "They've left very few arrows in the quiver."

Good point Ms. Seiberg.

I'm a lot less optimistic than I was yesterday.

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Text of Paulson's news conference Friday

Paulson, Bernanke Expand U.S. Power to Rescue Markets

Rescue cost: Hundreds of billions

Unusual Sunday Blogging

Dad may, or may not, be released from prison on Monday. The idiots at Norwalk hospital haven't decided yet. He's responding well to the meds but he's still going to need two to four weeks of IV antibiotics to combat the staph infection. He's opted to go home and not a rehab or nursing facility. I'm not thrilled but it's his (and Mom's) decision to make. There's still no decision on when he'll be able to have the other artery "scraped". The longer they wait the worse the plaque build up, but he's in no condition to have operation for at least a month. Thank you Norwalk Hospital.

The plate my sister had surgically implanted in her ankle, to draw the fibula (tibia? whatever bone opposite the ankle) to the ankle and to secure the tendon was less than successful. The ankle is still disconnected. The doctor is "hoping" that over the next week the plate and screws will do their work and bring the ankle back into place. If not, they have to re-operate.

I've come to the conclusion that the entire medical profession in the United States is comprised of fuckwits. Brainless, heartless, fuckwits.

Mom and I are moving my sister down to Westport today. Centralizing the walking, and non-walking, wounded is essential. We just can't keep up with both of them being in two places 20 miles apart.

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Clouds marred my viewing of the eclipse last night. I hope you had a better view.