Steve's Place

[DeepBlue1]

When one of the big banks' spokesman stated this morning that THE RE-DEFAULT RATE on mortgages "saved" by the T.A.R.P. is estimated to be 44% I went short the whole market.

Then Paulson stated that "market tumoil will continue until the housing crisis is behind us" and I WENT SHORTER.

Wait until we break the last low back in Oct....then the shit's REALLY GOING TO HIT THE FAN.

I'm guessing we'll be there by Friday afternoon at the lates.

I swear...the more I hear Paulson flailing around the more I believe that this is JUST ANOTHER HUGE TRANSFER OF WEALTH from the middle class to the wealthy via the banks and corporations.

God help us all...Bush's "sprint to the finish" is going to be uglier than any of us could have imagined.