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[Clansgian AT wmconnect.com]

Like several here, I've just spent too much time reading about the F&F 
bailout.

In essence it is a huge gamble.  The hope is that by taking away the specter 
of complete failure and bankruptcy, people will have "confidence" in the 
passing about of bits of paper involved in buying and selling debt.  It is 
hoped 
that this will lower mortgage interest rates a bit, cause a few more loans to 
be 
available, which will sell a few more houses, and perhaps ... just perhaps 
prevent housing prices from continuing to fall so rapidly.

I can't help but wonder if anyone still finds the real estate bubble 
something not worth wasting their time talking about.

But back to the gambling table .... notice that what is at stake is not 
prosperous times vs depresson.  No, it's a frantic attempt to halt the slide 
into 
depression for a while vs the depression itself.

But the main thing is that it is a gamble and now the dice have been thrown 
and you can't retract the bet.  This is about the last bullet in the Fed's 
gun. 
 If it does not have the desired effect, they are out of ammo.

Much like Caesar taking his army across the Rubicon when he had been ordered 
not to.  His comment was "Alea jacta est!"     The die is cast!

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