[heroineworshipper]

bloomberg wrote:
> Bernanke Says Fed May Take New Role in Trying to Curb Asset-Price Bubbles

"It's not paper money. It's 75% cotton money. It's backed by cotton," said Ben. Asset bubbles
solved.

> Bush Says U.S. Taxpayers Will Get Back `Most' of Money Under Bank Rescue

Worker incomes will decline & taxes will go up, just as they did after
the last savings & loan bailout & the Bolshevic revolution. The tax
increases will be for unexplainable shortfalls in social programs.

> Blankfein's $70 Million Payday Would Survive Paulson Compensation Limits

Be thankful you taxpayers don't owe him $10 billion. Oh yeah. You owe
$10 billion for his stock. Never mind.

Now from the "$700 billion is not enough" department,

> McCain May Have Last Chance in Debate to Reverse Slide Caused by Economy

Oh yeah. What bailout?

[efarmer]

CNBC ran a primer about the CDS market today.
What struck me is the market growth stats they
published:

# end-2001: $918 billion
# end-2002: $2.2 trillion
# end-2003: $3.8 trillion
# end-2004: $8.4 trillion
# end-2005: $17.1 trillion
# end-2006: $34.4 trillion
# end-2007: $62.3 trillion
# mid-2008: $54.6 trillion

Plot these values out and you can
see the visible side of the Doomberg.

[Micki]

Bernanke is very successful in Curbing Asset-Price Bubbles
In jsmineset they published this from a morgage broker in California.

Foreclosures made up 47% of all CA SFR sales in August 08, up from 9% in August 07
Median CA SFR price was $350,000 in 8/08 down 40% from $590,000 in 8/07
2008 SFR unit sales are on pace for 490,000 units, up from 313,000 in 2007
Current unsold inventory sits at 6.7 months VS 10.6 months in 8/07
New SFR permits are down 53% so far this year
Single family construction loans are now 12.5% delinquent, and condos 16.5%