No Government Bailout, Please, We're Swiss

Swiss banking house UBS ( who in the end controls the banking world anyway) now says it has “substantially reduced” its exposure to rotten U.S. mortgage-backed assets, although it is less clear where the garbage has gone. The toxic assets were likely snapped up by vulture investors, a source told Forbes, although UBS wouldn’t specify where it all went, saying simply it “disposed” of them. The bank said it could have offloaded up to $8.8 billion of its mortgage-related investments, if necessary. Shares in UBS soared on the news. At one point, UBS has $15.1 billion in bad debts of various types, reports Forbes. Analysts expect a new round of writedowns shortly when the bank reports earnings, although probably no greater than in previous quarters. Meanwhile, Julius Baer Holding, the biggest money manager in the country, is “selectively” buying, says its chief investment officer. “We've been buying financials for the last two weeks, selectively, which we haven't done since 2007,'' Beat Wittmann, chief executive officer of investment products for the $80 billion fund, told Bloomberg. “We're in capitulation territory and that's how the bottom of a market is created.” © 2008 Newsmax

Another Corporate Bailout By The US Govt

Today... the U.S. Government bailed out AIG with a loan for $85 billion... yes billion with a "B".

Billions for AIG, Fannie Mae, Freddie Mac, Ernst and Young...and the list goes on.  And then you hear that the people who ran these companies into the ground are getting severence packages for millions.

Hello... if Average Joe American screws up at work, they fire him, without a dime, and usually badmouth him as the door is hitting him in the fanny on his way out.

This is my idea... let all those companies fail.  Let the people who live in the houses or have car loans with these failed companies keep them for free instead and then take the money you would have loaned these companies and divy it out among all the Americans and legal residents who didn't get a house or car paid for.