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DesireesShelves

DesireesShelves

Currently reading

Love, Lies, and Deception
L.P. Dover
Free Market Revolution: How Ayn Rand's Ideas Can End Big Government
Yaron Brook, Don Watkins
Confessions of a Corporate Slut
Jacqueline Gum
Freestyle Community Drum Circles
Rick Cormier
The Bliss Balance - Create Success, Peace, and Happiness in Your Life
Rebekah Harkness
Ocean of Fear
Helen Hanson
The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash - Charles R. Morris I had a hard time getting through this one. I do know quite a bit about the financial markets, but this is some strange stuff that the banks, hedge funds, etc, have been doing to totally mess up our economy!

"The question is whether the Countrywides of the world are risk-taking enterprises or public utilities. You can't be both. If the government is going to be on the hook, by means of deposit insurance, the various federal borrowing windows, or implicit federal insurance for "too important to fail" institutions, bank risk-taking has to be tightly controlled."

Countrywide is just one example of this. They are expecting over 100 banks to fail. All of those will be bailed out by FDIC, which doesn't have enough money. So, the taxpayers get left holding the bag. The bigwigs have already made their billions and could care less. As Warren Buffett said, his tax rate is lower than his secretary's! The ramifications of this debacle will last for decades!