Do you know where your taxes are?: "In an act unprecedented nobility, granted using other people's money, the FDIC sent out a release today, encouraging its loss-share partners who have acquired failed banks on the back of taxpayers' footing the bulk of the balance sheet risk and cost, essentially guaranteeing profits for these same partners, to "consider temporarily reducing mortgage payments for borrowers who are unemployed or underemployed." The FDIC's recommendation: "to reduce the loan payment to an affordable level for at least six months." And the kicker, once again subsidized by those taxpayers who live within their means yet do not find it critical to live in a house they can not afford: "losses incurred in subsequent foreclosures or short sales are covered losses.""

Color me depressed: "What is certain, is that neither Paulson's, nor Bernanke's actions, have forestalled another bubble collapse, and in fact, through their actions have made a certainty that we are currently living in the last bubble: one whose viability is tied with the existence of America itself. Yet this bubble too will pop, and when it does and the wealth destruction, foretold in the Lehman presentation, will be exponentially more pronounced than what even Dick Fuld could imagine."