30.9.08

THE OPPORTUNITY COST OF IGNORANCE. King Banaian.
Taxpayer dollars "saved": $700 billion.
Loss on Wilshire 5000: $1.024 trillion.
Exposing Congressional fecklessness: priceless.

Oh, wait a minute, why should this day be any different from any other day?

Now for a puzzle. If Congress does nothing, has the market approximately discounted the capital losses of those sliced, diced, defaulted mortgages?

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