what’s Going To Happen To All That Bad Debt?

Who holds the ugly, unwanted mortgage investments now? You and me, if a government bailout goes through. We already own AIG, Fanny Mae and Freddy Mac.
So bottom line, we should be disappointed. And any outcome will be disappointing. There is no happy ending to this mess.
As much as the media is playing chicken little, I don’t believe the sky is falling. We are in for some pain as an economy though.
While the data may not technically point to a recession currently, every piece of data that has to do with U.S. consumers does point to a major contraction in the economy. Manufacturing, exports, etc. are doing just fine. However, the U.S. consumer makes up two-thirds of the economy. And it’s the American citizen that can’t seem to make enough money to catch up with inflation.
And, when a large chunk of the assets that make up an economy are a house of cards, it makes trudging through the rebuilding process a longer process

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