Today on Wall Street the best and only even vaguely good news for the American economy was the rise of the dollar against the euro, the yen and the pound. A true conservative celebrant, Mister Drop awaits news from the grocery store before joining the celebration of the rise of the dollar.
Having cut the interest rate to the quick, bailed out everyone in sight of Wall Street and moving to nationalize failing banks, all to no avail, there remains one option left for those who would jump start this economy. The possibility of using a bailout of the poor to bail us all out is so unlikely that one must question the priority of jump starting the economy. If jump starting the economy isn't the priority, what is? If the past is any guide to the present, it's really about bailing out the same people who got us in this fix in the first place, but it's not the first time they've done this property pyramid scheme, it's the second. At the heart of S&L Crisis I and S&L Crisis II are valuations of property that don't stand up over time. In order to prevent S&L Crisis III maybe we should consider not giving a mortgage that represent over 80% of the assessed value of a property for the prior ten years. Take the speculation out of the housing market and we are pretty well protected from S&L Crisis III.
