don’t make me laugh.

• Undertaking additional steps to rescue “Financial firms whose failure would pose a systemic risk”

what about those financial firms whose survival would pose a systemic risk?

• Supported “close regulatory scrutiny” of firms that engage in “risk-taking”

does this include those aforementioned “financial firms”, or just the short-sellers trying to stay alive in a sinking market?

•Creating a “regulatory procedure for resolving a large, failing nonbank institution”

I thought that was called “bankruptcy” — or is that now obsolete in the realm of TBTF?

•Continued bolstering of credit for both consumers and businesses.

streamline the process, just send out bales of newly-printed money. The inflation will take care of the repayment issues.

• Coordinated action between Congress, Treasury and the Federal Reserve

Separation of powers anyone? Collusion? Oversight by anyone, anyone? Either way, has it helped so far?

• Undertaking additional steps to rescue “Financial firms whose failure would pose a systemic risk”

Free market? We now have an elitocracy. Who decides which financial firms? Was Bear Stearns hated, and unsupported? Was allowing Lehman to fail just a mistake, or on purpose? Why would we let anyone get so big as to even pose a systemic risk? Yet ever larger mergers are still the solution, still. Is anyone affiliated with Goldman at the head of the line for bailouts? Any frat buddies of the current Treasury secretary getting special treatment, whoever the secretary is??

• Supported “close regulatory scrutiny” of firms that engage in “risk-taking”

Horse out of the barn, better than nothing. Prosecution, anyone? Other than Madoff, who else is under investigation for fraud? What is risk taking? Whose opinion? Cutting off the animal spirits of economic growth?

•Creating a “regulatory procedure for resolving a large, failing nonbank institution”

The Fed has control of this area (nonbanks)? What is large? Insured by whom?

•Continued bolstering of credit for both consumers and businesses.

Oh, I get it. Loose credit caused the excess stimulation/overleveraging. Bolstering credit will fix the problem. The cause of the prior problem is the current solution. Is Greenspan still on the job? Any lessons learned yet?

http://finance.yahoo.com/news/Treasury-deficit-hits-new-apf-14049804.html

Treasury: deficit hits new record in just 3 months
Treasury: federal deficit already totals record $485 billion in first 3 months of budget year

Yes, fans of the amazing disappearing economy…the budget deficit for the first three month of the fiscal year is larger than the entire 2008 deficit.

See what you can do when you really put your mind to it?

Will the electronic transfer of these funds somehow fix all of their bad investment decisions, fire the bad managers and replace them with competent ones, and allow of the bad debt and assets to be realized instead of put o life support.

Money that will be needed to help weather the coming storm will instead be wasted on useless politically motivated wishful thinking. We we really need it down the road, we will have a bankrupt taxpayer base saddled with trillions intax debt obligations and a fed and treasury with little capacity to create new capital as the world CBs will no longer be coming to the auction table for another helping of Ts

insert golf clap here…..

Too funny.

I think by the end of the summer, we’ll all recognize this time for what it is.