Next bailouts: FDIC and Social Security

A lot more bailout are on the way, along with more money down the toilet...

Just some links of interest:

• Social Security crunch coming fast (Bill Fleckenstein Chronicle)
• As of Friday August 14, 2009, FDIC is Bankrupt (Mish)
• Loss Rates for FDIC higher than during S&L Crisis (WSJ via CalculatedRisk)
• The next great bailout: Social Security (Fortune Magazine)
  

In the meantime, the official PE (price earning ratio) of the S&P 500 is P/E 144 (as of 31st of July), the highest in history and analysts/pundits are more and more confident that the recovery is here. These kinds of valuation are found at the very top of very speculative bubbles (this is a historic high on the S&P anyway) and not at the start of new bull markets.