The Steussy Ranch

Current score:

• Our mortgage is now owned by the government (Freddie Mac)
• Our life insurance is now owned by the government (AIG)
• Our bank has been seized by federal regulators (Washington Mutual)

Also, our local US Congressman, Darryl Issa, is one of the dinosaurs preventing passage of any form of Rescue Plan. No, not just nit-picking the Paulson Plan. He doesn’t want government money going to Wall Street at all.

Please note: for normal day-to-day life, these changes don’t effect us at all.

From the front cover story this week, on the political fireball of Paulson’s Rescue Plan:

You are lavishing money on the people who got you into this mess. Sensible intervention cannot even buy long-term relief: the plan cannot stop house prices falling and the bloated financial sector shrinking. Although the economic risk is that the plan fails, the political risk is that the plan succeeds. Voters will scarcely notice a depression that never happened. But even as they lose their houses and their jobs, they will see Wall Street once again making millions.