Monday, September 22, 2008
Financial Nightmare #1
Bush gets exactly what he wants for the bailout package. $700 Billion handed over to a totally unaccountable Treasury department. It goes to buy nearly worthless derivative securities at near face value. Just after the election the Treasury Department asks for another $700 Billion, as more securities are now no longer worth the paper they are printed on. The printing press reve up and the dollar continues to drop in value. OPEC gets nervous and switches to Euros. The dollar becomes worthless and the middle and working classes are whipped out by hyperinflation.