The big bailout

The Hound needs a bailout to get out from under a car loan and some increasing credit-card debt. Certainly Uncle Sugar can spare a few bucks to help out. What, uncle? You say The Hound isn't a financial institution and isn't covered by the near $1 trillion the Treasury Department is going to be pumping into Wall Street to save a sinking system. Boo-hoo.

Thomas Jefferson warned of this financial debacle under a central banking system when the nation was formed. That was one of the constitutional arguments between John Adams and Jefferson. If you don't remember, catch HBO's "John Adams" again.

But this is what we're left with and one plays 'em as they lay, and that includes devalued
mortgage-related assets, even those held by foreign banks doing business here. So how did we get to this point, within several days of the entire financial house of cards coming down? Oh, there's plenty of blame to pass around.

There was deregulation of the financial industry, which kept on coming up with new casino games to play, as one wag pointed out. Just what is a credit derivative swap? Is it like keno?

A lot of mortgages at variable interest rates were given to borrowers who were not qualified. The Federal Reserve held down interest rates. Consumers with existing mortgages were encouraged to borrow more. Mortgages were consolidated into securities. That's just the tip of the iceberg.

And where's Gordon Gekko when you really need him? Or Charles Keating. We need a villain here and The Hound is waiting for someone to parade one out. The sooner, the better.