Can you drink your way out of a hangover?

Sen Dodd, Sen Clinton et al. are promising all sorts of fun chachkies to both lenders and lendees involved in the current mortgage crunch: foreclosure holidays,all sorts of bailouts for banks, mortgage companies, and of course the old standby (not that it makes any sense in this case) lowering the Fed's target rate. Guess what? They're running for office. 'Nuf said.

I suppose I had this mistaken notion that in a free market, folks that lend money and receive money are supposed to weigh the risks beforehand, and accept the consequences if they find out they are wrong. I guess I was thinking about some other country. I say shut up and let the market do what it does! The stupid shall be spanked, the smart shall reap the rewards...what's wrong with that??? That's called taking responsibility for your decisions, and other adult stuff like that. Of course socialists don't like free markets, for probably the same reasons.

Also the scumbags are once again coming out of the woodwork. Briefing.com and the WSJ came up with this wonderful idea that Warren Buffett (cue the Heavenly music) is interested in Countrywide Financial (!!!???) the outfit that last week was cratering on news that they had TAPPED OUT their lines of credit. Of course late in the day Buffett denied the story (probably with an expletive or two) by that didn't stop the lemmings from bidding up Countrywide 11%!!!!

Aside from my continued outrage at the assholes who are gaming this market, here's the SPY:



Still looks shortable.