[Cynus]

From the Free-marketers who brought you the Bear Stearns bailout, nationalized Freddie and Fannie, bailed out AIG, and soon the massive bailout of all bailouts, RTC- II, comes the Money Market Fund bailout:


From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings

The U.S. Treasury plans to use as much as $50 billion from the country's Exchange Stabilization Fund to temporarily protect investors from losses on money- market mutual funds.

The Treasury will insure for a year holdings of publicly offered money-market funds that pay a fee to participate in the program. Retail and institutional funds are eligible, the department said today in a statement.

[Heineken]

Just a suggestion that we stop starting a new thread every time there's a new development in the financial crisis. There are already several threads where posts can be put.

[Cynus]

If that is what is decided I'll go along with it, but personally I like being able to go to posts that concentrate on a specific topic rather than having to wade through many posts to find a discussion on the topic I am seeking.

[Zardoz]

This week is special. Multiple threads on what is going on are justified. Nothing like this has ever happened.

[Heineken]

Perhaps, Z., but if there are too many threads on the same basic subject, people get confused about where to go to discuss it, and the discussion gets diluted.

[pup55]

Dear Grandchildren:

I know you cannot read this, because you have not been born yet. However, I wanted to write this special note of thanks.

You see, recently, the US Treasury has borrowed a lot of money, and given it more or less directly to the management and shareholders of some of the biggest banks and other corporations in the country. They did not ask your permission to do this (you have not been born yet) but they felt they were compelled, because they did not want the so-called financial system to melt down.

Where you come in, of course, is that you are going to have to pay all of this money back. It's up to maybe a TRILLION dollars or more, no one really knows, at this time.

Of course, by the time you are old enough to figured out what happened, a lot of these people will be long dead, and the historians will still be talking about it.

For whatever reason, they did what they thought was right... sacrificed YOUR money, so that people in the current times could get through this period without sacrificing any of THEIR OWN money. Doesn't seem fair, does it? Pretty cowardly, isn't it?

To make matters worse, a lot of the felons that caused this stuff to happen were able to keep their jobs, take their limos out to the Hamptons, and laugh about it. We all thought that being a management idiot would get you fired, or sued, but come to find out, that is the part of the system that really broke down. I hope that when your generation takes over, they will be smarter than we were.

No one is thinking about it at the moment, but it is you that is going to have to generate enough income and/or wealth to pay this back, plus support yourselves, plus support our generation's health care and retirement. Whether you do this by working several jobs and living like a dog, or (more likely) by having to cope with a greatly devalued currency (due to inflation) is anyone's guess.

Frankly, I would not blame you for taking to the streets, and rounding up everyone over 70 and hanging them for pulling this crap on you without even thinking.

Why there is not an uproar on this is beyond me. Too many people not paying attention, I guess.

So, I just want to say thanks, we apologize for being a lot of greedy assholes with no sense of moral outrage at this, and we hope that you are not too hard on us when you get older, and we are sitting around drooling or eating oatmeal.

Sincerely,
Your Grandpa pup55

p.s. I don't even want to tell you what we did to your oil supply, food, water, or air, but that is just as bad, if not worse. Sorry.

[ReverseEngineer]

From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings

From Reverse Engineer:

The US Treasury has announced today it is self insuring the US Treasury. This following the Bailout of the US Treasury by the US Treasury. We can now all feel safe that our deposits in the US Treasury are Insured by the US Treasury.

Menawhile, the Federal Reserve Bank issued $1Trillion in bonds, which they bought back at a penny on the dollar, and made a HUGE profit on the buyback. Short sellers also made a huge profit betting that the US Government would go down the Toilet, and we are all going to live well on the taxe revenues from their profits.

Did I get this more or less correct?

Reverse Engineer

[Heineken]

Dear Grandchildren:

I know you cannot read this, because you have not been born yet. However, I wanted to write this special note of thanks.

You see, recently, the US Treasury has borrowed a lot of money, and given it more or less directly to the management and shareholders of some of the biggest banks and other corporations in the country. They did not ask your permission to do this (you have not been born yet) but they felt they were compelled, because they did not want the so-called financial system to melt down.

Where you come in, of course, is that you are going to have to pay all of this money back. It's up to maybe a TRILLION dollars or more, no one really knows, at this time.

Of course, by the time you are old enough to figured out what happened, a lot of these people will be long dead, and the historians will still be talking about it.

For whatever reason, they did what they thought was right... sacrificed YOUR money, so that people in the current times could get through this period without sacrificing any of THEIR OWN money. Doesn't seem fair, does it? Pretty cowardly, isn't it?

To make matters worse, a lot of the felons that caused this stuff to happen were able to keep their jobs, take their limos out to the Hamptons, and laugh about it. We all thought that being a management idiot would get you fired, or sued, but come to find out, that is the part of the system that really broke down. I hope that when your generation takes over, they will be smarter than we were.

No one is thinking about it at the moment, but it is you that is going to have to generate enough income and/or wealth to pay this back, plus support yourselves, plus support our generation's health care and retirement. Whether you do this by working several jobs and living like a dog, or (more likely) by having to cope with a greatly devalued currency (due to inflation) is anyone's guess.

Frankly, I would not blame you for taking to the streets, and rounding up everyone over 70 and hanging them for pulling this crap on you without even thinking.

Why there is not an uproar on this is beyond me. Too many people not paying attention, I guess.

So, I just want to say thanks, we apologize for being a lot of greedy assholes with no sense of moral outrage at this, and we hope that you are not too hard on us when you get older, and we are sitting around drooling or eating oatmeal.

Sincerely,
Your Grandpa pup55

p.s. I don't even want to tell you what we did to your oil supply, food, water, or air, but that is just as bad, if not worse. Sorry.

That's a great letter, Pup, but I think it should be addressed to TODAY'S children (and adolescents and young adults).

[pup55]

TODAY'S children (and adolescents and young adults).

True enough. While they are sitting around IM'ing one another and playing the latest video game, we are picking their pockets.

There should be riots on every college campus in America for this.

[35Kas]

No we will just use old peole as slaves.

[heroineworshipper]

This did happen before, in 1917 Russia.

[jbrovont]

Pun intended: You're right on the money.

From Bloomberg: U.S. Treasury to Insure Money-Market Fund Holdings

From Reverse Engineer:

The US Treasury has announced today it is self insuring the US Treasury. This following the Bailout of the US Treasury by the US Treasury. We can now all feel safe that our deposits in the US Treasury are Insured by the US Treasury.

Menawhile, the Federal Reserve Bank issued $1Trillion in bonds, which they bought back at a penny on the dollar, and made a HUGE profit on the buyback. Short sellers also made a huge profit betting that the US Government would go down the Toilet, and we are all going to live well on the taxe revenues from their profits.

Did I get this more or less correct?

Reverse Engineer