Tuesday, March 11, 2008
Absolute twaddle from The Times as usual .... think what this would do to the once mighty US$.
"Some kind of more direct bailout is now going to be necessary. The Government could, for example, offer to lend the necessary sums at very low rates of interest to those millions of borrowers in danger of defaulting on their loans. ....."
"... It will be ugly. It involves all kinds of moral hazard and it could end up costing a fortune, further clouding an already murky fiscal outlook for the economy. In fact, the only thing it has to recommend it is that all the alternatives are catastrophically worse."