Then the Gumnut will undertake a large scale cheap refinancing of underwater mortgages held by the agencies, accelerate short sales, forgive debt, and sell batches of foreclosed homes into the hands of investment pools and funds. The key to making it work is the same as it would be with European debt forgiveness, a sufficiently large debt jubilee as opposed to a night of the living dead situation.
On another front against kleptocrats and pig men, the US Attorney General is opening a volley against Credit Suisse and other banks on kleptocrat rat line activities. Interesting that Credit Suisse was also named in the housing agency suit to the tune of $14.1 billion.
9:50 AM In a strongly worded letter to Switzerland, U.S. Deputy AG James Cole demands - by Tuesday - detailed information on citizens using Swiss bank accounts to dodge taxes, or possibly see Credit Suisse (CS) and 9 other banks face criminal charges.
On the clusterfuck environmental front Presidente Hopium caved to Republicans and the so called "job creators" lobby on tougher air quality standards. Campaign contributions and employing the economic dynamite strapped routine works like a charm with Hopium. Increasingly, he looks to have lost the progressive wing of his old support. That pretty much just leave him running on the Republican are psychos message. That won't cut it. My prediction about Al Gore or another strong challenger looks more and more likely. I don't expect Hopium to be renominated, let alone reelected, especially if he at all caves or his Justice Dept is stymied on the new bankster initiative.