Well, it's Friday, and let's thank our lucky stars that John McCain got to Washington just in time to save our financial system from ruin ...
What? No?
But, wait a minute, a new financial genius has stepped up, with some great ideas: his name is Richard Shelby, from Alabama. He and his friends want to sell insurance to banks who hold this lousy debt, which presumably would cost more than the expense of cleaning up the lousy debt, since the actuaries, presumably, already know of a pretty serious pre-existing condition, and would certainly want to factor this in, and maybe—maybe—not insure these people, yes?
We don't know?
Maybe?
While also doing a little more deregulating ... of course. What group of conservative Republicans wouldn't want to do a little more deregulating?
Did I mention they also want to lower the dividend and capital gains tax?
McCain, silent and opaque on stage, is reportedly with them in principle.
Stay tuned!
And to get you started on what promises to be a Very Exciting Day, check out Krugman and Halperin, below.
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