On 2008-09-26, Gunner wrote:
On Thu, 25 Sep 2008 15:13:38 -0500, Ignoramus23784
wrote:

On 2008-09-25, F George McDuffee wrote:
One of the reasons for accounting is the establishment of the
financial "health" of an organization, one very significant
factor of which is their solvency, or "net worth." Net worth is
defined as "assets" less "liabilities," and one of the basic
reasons for outside auditors is to obtain an independent and
unbiased opinion as to the accuracy and legitimacy of the assets
[overstated?] and liabilities [understated?].

George, my impression from this bailout story is as follows:

1) There is a lot of hysterical screaming about impending economic
collapse

2) There is not a lot of details about this impending collapse

3) There is no data whatsoever and no listings of various players and
instruments under mortal danger.

The whole story seems fishy to a huge extent, due to extreme lack of
details.

Just who would fail?

By how much would credit contract?

How inflationary would be the effect of flooding the financial world
with more money?

The fact that these details are either not available, or are hidden
from us, suggests that there is a lot more to the story that is not
being told.

I totally do not buy what is going on and cannot support a secret plan
that is being adopted due to secret reasons.

I think that this is another republican ploy, akin to their lying
about "mortal danger from Iraqi nuclear mushrooms". The objective is
to appear saviors right before elections, but let us suffer from
increased debt, more recklessness, etc, for years to come.

i

In other words..."Its all Bush's fault!!!"

Would that be a correct assessment of your position?

No. I do not think that this economic trouble is Bush's fault.

This is a general failure of the economic structure and human nature,
and possibly soem deregulation decisions. The only persons to write
about it and warn us were Buffett and Munger. I own stock in their
company and thus was following what they said. Everyine else was
cheering "go, go".

However, the "bailout" story is very fishy.
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