Merrill sold $36 Billion of CDO (mortages) for 22 cents on the dollar.  Ouch.  Overall, it will take about $45 Billion in loses related to its sojourn in the mortages.  Ouch.  Ouch.   They also lent the purchaser of their mortages $5 Billion to complete the sale.  Ouch.  By valuing their mortage business at 22 cents on the dollar it may force other big companies to revalue their mortage businesses.  Bottom line.  Lots more writeoffs coming from big companies.

Can you imagine selling a mortage to somebody at 1% and not verifying their income or fairly assessing their ability to repay the loan?  To make matters worse, the purchaser did not realize that after a year the rate would be adjusted based on market conditions.  Shock and awe.  The purchaser’s mortgage payment increased by 500% or more.  Surprise.  Surprise.  The purchaser was not able to meet the new demand.

Was it expected?  Sure.  Anybody with a freshman business course could have predicated this could not be sustained.  Yet, the best and the brightest financial people in the US were sucked into such a scam.  Merrill probably doesn’t even hire people without graduate degrees in business and finance.  Unfortunately, these same people skipped the course on greed.  And why not?  They have been  taking their giant bonuses and buying high end real estate in Manhattan for years.

The ultimate cost will probably be around $1 TRILLION.  Ouch.

Don’t you just lose capitalism?  I don’t.  Because capitalism doesn’t work.

This country cannot afford health care for all of its citizen because it will cost $60 Billion a year but we can blow  $1 TRILLION dollars due to greed and unethical behavior.  Also, if we take the profit out of health care, it probably won’t cost the US anything additional.   Currently, there are hundreds of billions of dollars in profits that are sucked out of the health care system that go to investors that provide nothing to patents.

Fuck. Fuck. Fuck. Fuck.

Today the US announced that it expects a HALF TRILLION dollar deficit in 2009 — the last fiscal year of the supreme idiot Bush.  This idiot has doubled the national debt.  Bush will go down in history as the worst President ever.

I heard today that some group in St Louis is praying for lower gas prices.  Those same religious idiots are the same crowd that elected the supreme idiot Bush.  Let them pray all they want but oil will be at $300 in five years.  Maybe at that point they will give up on supreme god and his sidekick Bush.

I hope taxes are increased on the rich to such an extent that they will never forget the increased national debt of G W Bush.

McCain stands for the white boys’ club which has been working so swimmingly for that last three decades.

Mr. McCain said in an interview on ABC’s “This Week” that he supports a ballot initiative in his home state of Arizona to end race- and gender-based affirmative action.

McCain doesn’t want any affirmative action to help the underrepresented.

He is a asshole, too old to be President, or even a decent human being.

What a stupid asshole McCain is.  His insincerity when he criticizes Obama for like not visiting the troops in Germany or he wouldn’t be making speeches in overseas until he was President or gas tax holiday or drilling for oil in the US.  What complete bullshit.

McCain’s compaign is loaded with special interests and assholes like Gramm who has supposedly left but he will be back if the moron is elected.  Meanwhile, Gramm’s UBS is under investigation for helping rich people hide money offshore and their role in the subprime debacle.

I hope the rich republicans are scared of Obama getting elected because their taxes are going way up.  They have little idea of how much either.  When Kennedy took office the highest bracket was 95% — I’d say we need to bring it back.

Fuck the idea that rich people create jobs because that hasn’t been working so well for the last three decades.  Now it is time to get back to pure and simple redistribution of wealth.

I hate fucking greedy repubicans and I hope they are rot in the hell they believe in.

Yes, we have two persumptive nominees who both want war.  McCain seems to really love war, likes fighting them, knows how to win them he says, and wouldn’t leave even he asked by the Iraqis.  Then we have miniwar Obama who was supposedly against the war in Iraq but now wants those US troops in Iraq to skip over to Afghanistan where they are really needed for Herr Fuhrer Bush’s “war on terror”.

Singing: “Whose your favorite terrorist of them all ? / It’s Bush ! / It’s Bush !”   “Who killed lots more people than died in the World Trade Center? / It’s Bush ! / It’s Bush !” “La la la la la”

The bottom line is we are going to be at war with somebody for the foreseeable future.  Now it looks pretty clear that both McCain and Obama would just love to have another little “war of terror” with Iran.

Exactly what kind of change does Obama want?  Oh … to change the war location from Iraq to Afghanistan.