In the WSJ it is reported that the UK’s Bank of England will soon follow the brilliant lead of our Bukkake Boyz Fed, Inc. by accepting fraudulently valued securities as collateral for “loans” for lifeblood cash, which the Fed implementedlast month.(Why must the limeys copy everything we do, both good and bad?)
“Hello, mate, you know those tranches of Alt-A mortgages you gave me a billion pounds for a month ago? Go ahead and keep them, we won’t be needing them back, ta.”
In what i only can suppose is a *very loose* interpretation or homage to Benjamin Franklin: “We must all hang together, or you might hang separately and some of us won’t, or it might be me and Dave and you might escape the noose, so whaddya say we, all of us, do a Thelma and Louise, but you go first.”
Perhaps they got Ben’s meaning there a bit jumbled. [WSJ]
The Chancellor said … “The idea … is that it will open up the market and it will begin the process of opening up the mortgage market which of course will help house owners…if that doesn’t happen, then I think there is every chance that the situation will get worse.”
Of course it will (get worse) because the numbers say it will. So why not just take our medicine now, instead of later? If an infection spreads, there is always a greater risk of killing the host.
1. “We must all hang together, or assuredly we shall all hang separately.” -Ben Franklin