While Paulson Waffles, the White House Dawdles, and Congress Dithers, the Economy Continues to Burn.

Arianna, CNBC had a heartwarming article on their site earlier today:



"Consumers Teetering on 14 Trillion Dollar Debt Pile"

http://www.cnbc.com/id/27716231



(They changed the title of the post to a less inflammatory "US Consumers Hit by Credit Crisis, And Everybody Pays")



14 Trillion is probably just the tip of the iceberg if the Wizards of Wall Street sliced and diced and securitized, and resold, and leveraged credit card and auto loan debt as they did mortgages. The thing is, Wall Street had nearly a decade of unregulated play at our, and by extension, the world economy's expense. The American version of Columbia's recent "Dinero Rapido Facil Efectivo" disaster.



I don't have a clue what the way out of this is because it seems America's Golden Goose has been cooked, but I am fairly confident that the 700 billion bailout, coupled with the trillion of dollars the Fed has offered up behind the scenes will have little effect on the Frankenstein's Monster of Float Fraud that Wall Street and its Washington enablers have created.
About Financial Crisis
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