Maggie's Farm

If you like Greece, you'll love USA --yesterday the F&F complex drew another ten billion to cover losses.

To effect repair of F&F structure? AbsoLuTely noT! --Uncle Sam in his sodden decay just wanted to rip a few more pages off the calender.

We've spent roughly 100bbl --so far --to repair about 15% of the F&F bad mortgages.

But rather than figure out that the remaining 85% are only going to get worse (Fed has just said it is willing to sell some of its one trillion mortgage portfolio --meaning rates are certain to rise), let's figure out what it would cost to give the one million troubled mortgages a simple $10,000/year to cover their shortfalls, pending 'recovery of the market'.

That's ten billion/year. We could have done that for ten years and still only equalled what we've spent to repair the first fifteen percent of the mountain of troubled paper your government and mine has saddled us with.