Tuesday, July 1, 2008

Why am I heavily short the U.S. Financial system?

Because these are the people who will save us.

My very good friend Nemo was watching Fed Chairman Ben Bernanke's House testimony on mortgage securitizations and whether investment banks may have a tiny something to do with the credit crisis, when Democratic Budget Committee Member Marcy Kaptur - Representative of that budget bastion of Ohio - attempted to grill Fed Chairman Ben Bernanke when she apparently didn't understand the difference between the Treasury Secretary the Federal Reserve Chairman. Representative government does have its faults.

When stopped, she apparently didn't get the difference in the titles and thought she just had the wrong firm. She also didn't get his joke that he was the CEO of the "Princeton Economics Department."

Like I said, please short the banks.

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