Obama continues to give excellent advice: we need to save more, borrow less, produce more, speculate less. Wonderful to hear this advice from a president at last, especially a president who has the talent and charisma to get the message across.
But at the same time, the Obama team is working in the exact opposite direction, working to re-inflate all the false junk that got us into this mess. Bugsy Bernanke, questioned in Congress about the need to regulate credit default swaps, instead proposed a new CREDIT DEFAULT SWAP DEFAULT SWAP, which will supposedly insure the value of the existing credit default swaps which suppposedly insure the value of bonds. This is way beyond parody, but Polistra will try to illustrate the point with the help of Orlov's brilliant idea: