Yesterday, a nuclear explosion hit the news. Bank of America came clean and unloaded $75 trillion in derivative debt on the FDIC. We know according to the weekly reports of banks that are going bankrupt at FDIC.gov that their real estate derivative portfolio is worth no more than half of what they have represented. This means that it is a good assumption that that $75 trillion is worth no more than half. At the same time Michelle Obama is all afritter about her new book on growing carrots in her White house Garden. At the same time that she pigs out on the most calorie rich most unhealthy foods, she lectures Americans not to do as she does but to do as she says. In tandem, President Obama goes on the airwaves wondering why the average American is not more thankful for all his hard work on their behalf.
“Big deal,” you say. Who cares!
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