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Dow Leaps 497 Points as U.S. Lays Out Bank Rescue Plan

On formally announcing that Uncle Sam, to say Joe the Public, was going to print up a mere trillion bucks and share in buying up at excess cost a bunch of “toxic assets” (to some degree consisting of badly designed and built houses), in a scheme in which “private” buyers shared the costs, and should those assets fail to become as valuable as the price paid, then Old Joe would step in and cover the spread for the “private” buyer, but if not then the private buyer could keep the profits.   Some deal.   Of course those trillion pieces of paper might knick the buck in time, but for the moment those most interested in making a buck (firm anti-Socialists all), went momentarily delirious seeing that their men in the Executive suites of Oval shape, had managed the fix.

Talk about insider trading!

So for the moment the fiscal delirium tremens are going through a major wobble – MARKET UP 7% !! shriek the headlines.  Everything’s gonna be OK and we can keep our penthouse and the “cottage” up on Cape Cod, murmur the bankers…

President Obama and friends discussing the US economy, below:

“Now, I tell you the real value of this item is $28,000,000, and that the market is underestimating it is just, well, a tragedy, and I’ll tell you what, if you put up a part of it, we’ll back you to the full real value and….”

And, yes, like a well-trained seal the market jumped on command, some trader\’s made a good commission, some buy-low-sell-high souls cleaned up for the day, and now we can wait for another shoe to clunk to the floor.   Or, at least, so say a number of reasonably qualified observers, such as Krugman and a mess more of economist souls for whom the flim-flam lingo is less opaque than for us mere commoners.

It is all, alas, an old American story.  Or maybe just a human one.

We Be U$.

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