Now You Know He Was Right, Part II

IndyMac

Freddie Mac

Fannie Mae

10% + Inflation

Bear Stearns

Monetized Debt

Artificial Interest Rates

Consumer Credit / Irrationally Exuberant Consumption

Upside-Down Mortgages/Foreclosures

$1,000,000,000,000 Bubble Debt Write-offs

Nationalization of Financial Services

Banks Too Big To Fail / Social Security Too Big To Save

Where's Your Money?

If It's Still There Tomorrow, Will It Buy A Gallon Of Gas?

~ ~ ~ ~ ~

Or to put it another way, Charles Osgood's Sunday Morning, this morning: