I am sorry our generation has let you down. I am 39 and appalled by the ignorance of my generation and those behind me.
I’m 37 and can’t believe how gullible we’ve become.
For over a year now, I’ve been screaming from the rooftops to the people around me that the system is going to collapse. That the lies and fraud will force their way onto these balance sheets one way or another, and that will be the end of the banking system as we know it.
No one listened, except for a scant few who were thankfully prepared to sit out this circus.
This is far from over. Anyone who thinks this two day short-covering rally is going to last, is not seeing the picture clearly. The bipartisan committee that emerged from that meeting with Paulson/Bernanke was shaken and fearful, not confident and hopeful. The CRT is a good idea on paper, but it is not going to avert a painful consequence to our economy.
I believe Paulson and Bernanke have understood this to be a foregone conclusion for many months, but the laws of survival dictate that if all one can do is buy time, then one must buy time. This foundation of this problem was laid long before they took the stage. Namely, Greenspan and the gross incompetence of the SEC.