Yup, that's 9 zeros. $300 billion to bail out mortgage cheaters and schemers. As we have said it over and over here at the Fairbank Report, democracy is two wolves and a sheep voting on what to have for dinner.
Actually, this is a classic example of the "moral hazard" problem. When people know that they will be bailed out of difficulties, they are more likely to take on wanton risks.
You just watch and see. There will be other massive bailouts...
The Fairbank Report...(如意報告)
**NB: Signed articles represent the opinions of the respective
authors and do not necessarily reflect the views of THE FAIRBANK REPORT/RUYI BAOGAO (如 意 報 告).
25 June 2008
19 June 2008
The Beijing Olympic Games: 49 Days to Go
We can't wait! The Chinese will put on a show and a Game that will simply dazzle the world. China has awakened! Qi lai!
12 June 2008
The Truth Comes Out: Barack Hussein Obama is Muslim, Per His Half Brother
Obama's Kenyan half brother confirmed today that Barack Hussein Obama is indeed a Muslim.
America is poised to elect its first black/Muslim head of state.
07 June 2008
Don't Cry for Me, America: Evita Quits
In a public meeting with supporters in Washington, D.C., this morning, in which the junior Senator from New York was fashionably late, Mrs. Hillary "Evita Madame Nhu" Rodham Clinton officially quit her campaign for the presidency of the United States.