Sex & Politics

On the revised bailout plan:

These steps will allow us to restore more normal market functioning, and encourage private capital to further support the reinvigoration of financial markets,” Bernanke wrote in the editorial published on the newspaper’s web site.

Or so says the Fed Chairman, Ben Bernake.

Well, I’m here to tell you that’s a bunch of bullshit.

Nothing that they (Bush, Bernake, Paulson) are doing now is going to return the markets to “normal.” Normal is done for. Normal is not something we should want anyway. Normal got us into this mess to begin with. So no thank you Bernake, I have no desire for normal. Also, let’s be clear, all the nationalization and printing of money to fund the bailout isn’t exactly solving anything . As Dr. Doom points out, this bailout does nothing to fix the fundamentals of the economic crisis:

The proposed $250 billion infusion into financials is meaningless — merely a drop of water on a hot stove, Faber, popularly known as Dr. Doom says. These measures do not address the fundamental problem.

“What I object to in all the bailout plans in the Western world is (that) they do not address the fundamental problem. And the fundamental problem is overleveraging,” Faber comments.

So there you have it.

936 points on Monday
- 78.62 points on Tuesday

Let’s see what the rest of the week brings.