This is beyond "under Bush's watch" and "Carter's CRA, re-inforced by Clinton" and "who's really in bed with Fannie and Freddie" (although that makes for a great LPSG Fictitious Stories thread, given all the non 100%s here) and "Pelosi" and so on. On a side note, the candidates are dead silent on tactics on this one kids. I kinda don't blame them. They are speaking at 30,000 foot levels now because they both don't want to get pinned to any tactic that is over-their-heads and make them look silly if the short-term tack goes in a different direction or when/if the economy tanks. Obama has never heard of a credit derivative swap, and McCain heard one at a cocktail party. Funny that there are polls on who would handle the crisis better. These two are getting speaking points, and the Cliffs Notes on the global banking system... don't fool yourselves. Anyways, this is about the entire banking system. Banks depend on each other for credit/debt, always have always will. This isn't about home loans, and "how about we give each person a share of the $700B". Enough of the amateur hour. Seriously. One sliver, and although one of the biggest, of this .....is $58T (trillion) in market exposure alone. The bailout is one of the last dry matchsticks left in the box. It will happen, take it to the bank. This isnt' bailing out AIG, it's bailing out their customers. Just as you and I have FDIC, this an ad-hoc institutional version that needs to go into effect ASAP. If banks, due of joint default and a few nick-nacks, dry up. Who is going to unwind all of these swaps. Fuck your ability for home loans, and making housing affordable for low-income, minorities. Where is corporate America going to find credit for the ... for example, General Electric and the circa $20-40billion a day they used to fund operations at LIBOR -8?????????????????? The auto-makers and so-on? Foreign investment and so on and so on? Does anyone on this board even know shit or shinola about this? This is seriously like Bay of Pigs shit... with a number of ppl with peace signs, and a number of ppl saying to push the button.