"If you want a better world, elect better leaders." - from "Some Assembly Required"

It's a good time to visit "Some Assembly Required" -- please follow link to original - go there, read the rest.
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Reminder: “Remember when teachers, public employees, Planned Parenthood, NPR and PBS crashed the stock market, wiped out half of our 401Ks, took trillions in taxpayer funded bailouts, spilled oil in the Gulf of Mexico, gave themselves billions in bonuses, and paid no taxes? Yeah, me neither...”

Triage: Investors (?) holding Greek sovereign debt are seeing their "voluntary haircut" go from a 50% crew-cut to an 80% Mohawk. Some at the ECB want to abandon the effort to “involve the private sector” and make the Greeks pay far more, while “restoring trust” in the rest of the euro zone thus reducing their financing costs. Except, of course for Ireland, Portugal, Spain and Italy.

Sampler: Where once Americans dreamed of owning a home, now they dream of affording an apartment.

Sticks and Stones: Despite our expectations and the forecasts of experts, there are not going to be any dramatic changes, just continued, unrelenting decay all around. Oil prices are never going to come down, house prices are not going to go up, and US wages will continue to erode, year after year. True, the system is broken, but it has tremendous inertia.

Motivation: In the legislation to convert REO/foreclosed houses to rental units, expect investors to get access to federal money at below-market rates, banks (and the GSEs) to receive above-market prices for houses they cannot sell, and the taxpayers of 2045 to foot the bill.
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