My Friends! Strong!

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Morgan Stanley has collapsed back to pre-1994 prices!

Goldman on the other hand is only down 10% so far.

Who could have predicted that allowing investment banks to leverage themselves to the point where they basically live paycheck to paycheck like the rest of us would be a terrible idea?

I wish that the economy would just go ahead and collapse so I don't have to sit around thinking about it anymore, but it's like a car crash - I just can't stop watching it.

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> Morgan Stanley has collapsed back to pre-1994 prices!

Wow, what a bargain! If I bought 10,000 shares of Morgan Stanley how many shares of the U.S. Government will I get when the Fed takes it over or bails it out?

I heard on NPR's "marketplace" that a bunch of high-rollers are buying 30-day T-bills with *zero percent interest* simply because they didn't trust *any* financial firm to hold their money.

The solution to the credit crisis is very obvious to me.

We need to come up with another pseudo-governmental corporation with a cute acronym. Something like "Gimme-Crap":

(G)overnment
(I)ndustrial
(M)ortgage
(M)ess
(E)xchange

(C)riminally
(R)esponsible
(A)ppropration
(P)rocess

whose sole purpose in life is to buy up all the bad mortgage debt and "disperse" it onto the books of corporations when the violate laws or do other immoral-but-legal things.

If a company dumps more PCBs than allowed by it's EPA permits, or pays an outlandish parachute bonus to an outgoing executive who drove the company into the ground, or violates bribery laws abroad they run the risk that someone will rat them out to GIMME-CRAP.

GIMME-CRAP would evaluate the rat's claim and determine the guilt of the corporation, then determine the appropriate amount of bad mortgage debt (and rat bounty) that the corporation would have to incur.

Well Will, apparently we are going to implement your solution...but only the first part - the GIMME.

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This page contains a single entry by edgore published on September 18, 2008 11:30 AM.

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