Tuesday, November 18, 2008

Paulson futures

Hank Paulson is nothing if not amusing. Think of how far he's come in recent months:

  • Lets fire up some covered bonds, like the Europeans do. Keep risk on banks' books.
  • (Chaos ensues)
  • Lets buy up those toxic assets! I'll have my friend shiny Neel figure it out.
  • No wait. Lets inject liquidity directly into banks. Like the Brits did, except with no preconditions.
  • OK. I've done enough of that, lets concentrate on consumers: mortgage relief, student loans, auto loans, etc.
  • Uhh, actually, lets leave some money for Obama, he's the man with the plan
  • We'll fart out 85, 37.8, even 25 more on better terms for AIG, but 25 is much too much for Detroit
Intrade should open futures markets day to day on what he's going to suggest. I'll bet tomorrow he'll change his mind about Detroit. Or maybe he'll take money back from the banks, since capitalism is working just fine, thank you.

1 comment:

Anonymous said...

I heard his latest plan was to sell governmanet-backed private mortgage insurance and invest the premiums in Pre-Colombian Art futures rather than maintaining any capital reserve. This would make our bailout tax money grow much faster so the American taxpayer "can make some money on this in the long run."