A panicked group of frightened little men in Washington, our economic masters, after a failed series of efforts to prop up a failing financial system, have taken one final double down to try and save the day. Its centerpiece is a "bad bank" that will acquire with public funds all the mortgage debt that no marketplace investors will touch with a pole.

Will this desperate last ditch measure prove effective? Will Wall Street be saved at the expense of the credit worthiness of the United States of America? Gee, that wouldn't be a very good deal, would it...

The Bad Bank Poem

Bank loans are going sour,
Bank debtors just won't pay,
But banks don't fear big losses,
Sam will take the debt away.

Banks, of course, have been quite greedy,
Still, they needn't pout nor fret,
'Cause our Sam will do a bail
And make good each lousy bet.

Sam will gather all these loses
In one giant bad debt bank,
And we'd best all pray with fervor
This is one bank that don't tank.

*****