The housing rescue will save no homeowners but will make the Chinese and Japanese investors happier. Not to mention pirates and others. The entire US rebate program went towards Exxon/mobile's bank vaults. The editors of the NYT, working on behalf of the owners, have a stupid editorial about all this as well as a long, long article about how Paulson, a consummate insider, is really a naive baby who knows nothing about how power works, how lobbying in DC operates, how the levers of power work, etc. It is truly a hilarious profile with obvious internal clashes of reality. It is obvious that the concerted effort of all our rulers to appear as if they are stupid and helpless and victims of the economic messes they created themselves. Totally.