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Note from JWR:
Yesterday, the dreaded TARP bill,
H.R. 1424 (part of the Mother of All Bailouts (MOAB)), passed by a wide margin
(263 to 171), in the US House of Representatives. The original
bill
was just
three
pages long, but the final version (see
the full text PDF) was a whopping 451 pages.
It was so stuffed with pork barrel legislation that was practically oozing
grease. It disgusting to see so many legislators sign on to this $850 billion+
swindle. The few that voted for it were mostly from the far right and the
far left.
The passage of the TARP bill should result in a short-lived stock
market
rally.
Take advantage of the rally to cash out, and put the proceeds
into tangibles. I do not believe that the TARP bailout
will revive the credit market. At this point, a global depression lasting
a decade or more seems very likely. Get ready to hunker down.
