Obama Backs Volker
The differences between Obama and Clinton accumulate. Obama has Volker in his camp. Clinton has Rubin in her camp. This is an obvious difference that matters to me. Greenspan endorses Clinton over Obama because she, like him, wants the funny money solution to fix our financial collapse. But all candidates want to keep the housing market set at the bubble rate and not decline like it always does after a feeding frenzy at the Well of EZ Money. This is impossible. Housing prices have fallen in the past and will do this in the future. This is a fact of life we have to live with and learn from, lord help us. Eventually we will figure this out. And we also visit the Federal Reserve LLP to see what the new lending window is all about and incidentally, visit the Derivative Beast who is a Dragon in the Cave of Death. And I marvel at how stupid we are to not slay that beast 10 years ago when it was 55 times smaller than today. Also, the credit crisis continues to hammer Europe. This is a global meltdown. And Lehman Brothers is the victim of a Japanese rip-off scam to the tune of $250 million in loans.
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