Wall Street needs to settle down.
They're putting WAY too much faith on one flawed plan, and if it gets delayed or doesn't happen, they need to be open to other alternatives before flying off the handle.
No $700 billion ever made can stop a crash of a financial system that people have lost their trust in and believe is unstable. The stock market IS overvalued by at least 1/3. It will be unfortunate if the inevitable adjustment comes in a short amount of time; it would be better if it was staggered over a decade or so, rather than in one week, as some business analysts are predicting.
It WON'T be the end of the world.
But I repeat my opposition to putting the taxpayers on the hook for Wall Street's Folly. They are expecting something for nothing, and that isn't right.
The mortgage meltdown is a separate problem from the leverage meltdown, and they are trying to fix one while ignoring the other. Leveraging should be outlawed and taken off the table permanently, so we never get into this kind of situation again. The people who authorized these kinds of shady financial dealings need to be in jail.
And I'm glad that the FBI is looking at the worst offenders to see if some kind of fraud was going on.
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