Meltdown on Wall Street
Atrios is all over this story so just click over there and read all the links. It's damn frightening. Short version, Geithner is either an idiot or a completely vile asshole that is willing to sell out the common good to help his friends maintain their luxurious lifestyles. I'm betting on the latter.
Geithner's plan, that he pushed through over the objections of everyone else in the administration, is so bad that he got laughed off the podium by both sides at Congress. So of course, the market is tanking in response.
Roubini is saying today that we have to nationalize the banks. I believe him. And speaking of Roubini, via Josh, if you do nothing else today, take the ten minutes to view this CNBC interview with him and Nassim Taleb, the only two economists who got it right. The two of them are basically shouting that the theater is burning down and the idiot interviewers are asking which flavor of popcorn they would recommend at the snack bar.
And if you're not ready to slit your throat yet, then take a peek at this video which is possibly the most frightening thing I've seen in my entire life. On September 18, there was a "'tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars.' According to Kanjorski, this electronic transfer occurred over the period of an hour or two." And then it got worse. We literally came within moments of the end of the world as we know it.
It's one of those days when living alone feels really lonely and it would be nice to have someone around to just hold you for a moment.
Meanwhile, call the White House, 202-456-1111 and tell them to listen to Roubini.
[More posts daily at The Detroit News.]
Geithner's plan, that he pushed through over the objections of everyone else in the administration, is so bad that he got laughed off the podium by both sides at Congress. So of course, the market is tanking in response.
Roubini is saying today that we have to nationalize the banks. I believe him. And speaking of Roubini, via Josh, if you do nothing else today, take the ten minutes to view this CNBC interview with him and Nassim Taleb, the only two economists who got it right. The two of them are basically shouting that the theater is burning down and the idiot interviewers are asking which flavor of popcorn they would recommend at the snack bar.
And if you're not ready to slit your throat yet, then take a peek at this video which is possibly the most frightening thing I've seen in my entire life. On September 18, there was a "'tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars.' According to Kanjorski, this electronic transfer occurred over the period of an hour or two." And then it got worse. We literally came within moments of the end of the world as we know it.
It's one of those days when living alone feels really lonely and it would be nice to have someone around to just hold you for a moment.
Meanwhile, call the White House, 202-456-1111 and tell them to listen to Roubini.
[More posts daily at The Detroit News.]
Labels: economy, Obama administration
posted by Libby Spencer at 3:51 PM
2 Comments:
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We're never alone, as long as there are bacteria.
And there's always Tom Joad: "I'll be all around in the dark. I'll be everywhere, wherever you can look. Wherever there's a fight so hungry people can eat, I'll be there. Wherever there's a cop beating up a guy, I'll be there. And when the people are eating the stuff they raise and living in the houses they build, I'll be there too."
And, of course, we all have each other.
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Oh that's lovely Cosa. Thanks.
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