F. George McDuffee wrote:
On Fri, 5 Feb 2010 21:19:00 -0800, "John R. Carroll"
wrote:
snip a bunch of good stuff



Some areas of particular concern are the bursting of the U.S.
municipal bond bubble, in spite of the "Build America" extension,
and/or the bursting of the commodities bubbles. Another area is
the total lack of honesty/transparency of governmental
accounting, which unfortunately is not limited to Greece, e.g.
the secret ledgers of the U.S. FRB.

It appears that the extent of major U.S. [and other] financial
institutional exposure [and thus taxpayer liability] to the Euro
zone sovereign debt problems and/or new bubble collapse through
direct investment, loans to speculators, and CDS/derivative
counter parties is totally unknown, but after a big loss most
gamblers "double down" or even go "all in" in an attempt to
recoup their losses.
I'd get another trillion dollars or more in the pipeline today if it were up
to me.
One the one hand this may be correct, on the other hand it may
well be sending good money after bad.

We have already spent trillions on top of the trillions of
capital/asset losses with no effect. Still no
Glass-Steagall-Volker. Still no "small enough to fail" size
caps. Still no derivative regulation. Still no lynchings.


It's really hard to stop looters in police uniforms...

wwm