Either Geithner is the most moronic SecTreas we have ever had, or he is a stooge for administration forces that care only about agenda and know or care nothing of economics.
Again I will ask, how are they going to fund these dead legacy mortgages, these remnants of a failed system, with the treasury market posturing rebellion? Are they going to seize your IRA and direct you to buy T-bonds? Are they going to 'engineer' a market crash, driving the herd back into treasuries so that the inflation machinery can get cranked up again? How are they going to fund this insanity? Taxation alone? I don't think so.
Along with the material gifts our children receive this morning, maybe our most important gift will be in sincerely hoping this insanity fails miserably and we get the crash we deserve, right here and now so WE can start paying the bills and picking up the pieces as a new system eventually rises from the ashes. Because the old system is being run by what look like the worst batch yet of macro Wizards.
I am off to continue celebrating with real people and will again suspend my revulsion about this. I will continue attempting to protect my family as best as possible by navigating the often Wonderland-like aspects of this fantasy and playing the cards they give me.
Meanwhile, sent in by a reader: