We have Armageddon, says Cramer…there are 7 million people who are going to lose their homes. He says the discount rate has to be cut.
Myself, I think the number is probably more like 2 or 3 million, but that is still huge. Certainly we are still early in the game, and if Bear Stearns is in any real trouble, they are certainly toast before this is over three years down the pike. Many others will fall as well.
Filed under economics
You’re doing a great job, Brownie:
More than two-thirds of the government’s senior executives got special bonuses last year _ nearly 4,800 workers _ and several senators questioned whether a program designed to reward high performers is being used to simply boost salaries.
“It seems those who administer this bonus program at the various agencies think all the Senior Executive Service employees are above average,” said Sen. Byron Dorgan, D-N.D., who is calling for an investigation from the Government Accountability Office.
Government bonuses have been scrutinized since it was disclosed that Veterans Affairs officials involved in a $1 billion shortfall that put veterans’ health care in peril got bonuses ranging up to $33,000.
According to a report from the Office of Personnel Management, VA career senior executive service members averaged $16,626 in awards in fiscal year 2006, with 82 percent of the VA’s SES getting awards.
I mean, the US is completely broke. What are we doing?
