Far more important, however, is this. The Fed is firing up the printing presses to the tune of 1.2 Trillion Dollars.
We're gonna re-inflate this bubble with, well, inflation. Here's hoping that the monetary folks are right, and that it's much easier to halt inflation than it is to halt deflation.
The point is, we're not even talking about it. Congress and the mainstream media are busy handing out pitchforks and torches to go after AIG employees, instead.
Best quote of the day, from Chris Edwards over at Cato:
Aside from the dangers to liberty from overzealous members of Congress, there are issues of priorities here. While Congress has been busy with this particular inquisition, the Federal Reserve is moving ahead with a new plan to shower the economy with a massive $1.2 trillion cash infusion–an amount 7,200 times greater than the $165 million of AIG retention bonuses.
Keep your eye on the ball, people.