Editor,
This article describes a house of cards that is in every way analogous to the housing bubble.
An equities bubble. A paper bubble. And the foundation upon which this bubble rests is worthless securities. Nothing anyone does can give these securities value because they have none.
In the same sense as housing prices must correct, the imaginary value of portfolios across the financial spectrum must correct.
Republicans got the entire global economy into this mess with their ideological obsession with deregulation, which just happens to make a few people filthy rich at everyone else's expense.
No one who fell for their deregulation nonsense should take seriously anything any Republican says ever again.
re: "Fed’s $85 Billion Loan Rescues Insurer" (9/17/2008)
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