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When BoA bought a stake in Countrywide a couple months ago, I thought that was a serious dose of stupid. If they wanted to throw away a few billion, they should have thrown it my way. I would have done much better things with it.

But then they compounded their error by buying the whole company after their initial investment vaporized. What ARE they thinking? Are they hoping to disguise a huge write-off of mortgage-backed debt as "acquisition costs"? Are they just dumb as stumps? Talk about throwing good money after bad.

BoA: "We bought a lot in a subdivision in Florida, but it turned out to be swampland. So we bought the entire subdivision." Gah! If I were a BoA shareholder, I'd be getting the class action lawsuits cranked up. Moody's is talking about downgrading BoA because of it.

And Mozilo is going to walk away with $83 million. I presume that's in addition to the roughly half a billion he got cashing in his stock options before Countrywide tanked.


Dear Elaine,

I think I love you.



Oh, and the financial stocks had a mini-orgasm today because MBIA floated a billion in new debt (bonds) to shore up their balance sheet ... at 14% yield!!!

Sheesh! I wonder if they got a revolving account at BoA. They better not miss a payment or the rate goes up to 30%, LOL.

And how does taking out new debt at usurious rates shore up your balance sheet?

The real news of the day was that the price of just about anything that grows in the earth skyrocketed. This seemed to have no effect on Wall Street. But I don't think Main Street will like it. We just had a >5% increase if food commodity prices in one day. But food price increases don't count as inflation, so I guess they don't care.

Elaine Supkis

No commodities are counted in the inflation stats. So this is where inflation lives and grows, of course. They won't fix all this because they do NOT want to fix it. I want Volker back.

Jim Smith

Did your see David Lindorff article www.counterpunch.org on manual recount of machine ballots requested and paid for by Dennis Kucininch? The issues raised really do sound like a recount is well worthwhile. Diebold strikes again!

Elaine Supkis

All our elections are rigged. We need uniform standards and all hand counted votes with paper ballots like in the old days. I am, in this regard, VERY conservative.

Dr. Evil

Hi Elaine,

First time here. Someone posted a link to your site on Roubini's blog, thought I'd check it out. I must say, I dig your style and perspective, I'll be back often. Keep it up.

PS Awesome cartoon.


Hi Guys:

You've probably seen this brief interview yesterday with Ron Paul re: gold. If not, it's an intresting twist on gold valuation:

Ron Paul Gold Interview

Jony carter

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Elaine Supkis

Dr. Evil, I love your name. You should be the head of the Federal Reserve!

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