that those lying assholes on the hill said it would be.
From the Wall Street Journal this morning: Europe Races to Shore Up Banks as Crisis Spreads – Germany issued a blanket guarantee of all its consumer bank deposits on Sunday, as a group of European countries adopted emergency measures to shore up the Continent’s financial system against the widening international credit crisis.
And from Investor’s Business Daily: Rescue Bill Passes, But Stocks Sell Off As Economy Slows – The House passed an emergency plan to stabilize the financial system on Friday, paving the way for what could be the biggest government intervention into the private sector since the Great Depression. But stocks sold off amid concerns about the economy and how the plan will actually work.
From CBC News: World markets tumble amid fears of growing financial turmoil: Asian and European markets dropped Monday amid fears that government bank bailouts in the U.S. and Europe will not be enough to stop the U.S. economic crisis from spreading around the world.
![[Selloff]](http://s.wsj.net/public/resources/images/OB-CL623_eurost_D_20081006064239.jpg)
The New York Times: Stocks Fall Sharply in Europe and Asia – Stocks tumbled Monday in Europe and Asia, and oil fell below $90 for the first time since February as fears grew that the financial crisis is spreading to the world economy.
From the WaPo: Analysis: The Failure of the Bailout Bill – With just over one month left before the November election, politicians of both partisan stripes are concerned primarily about one thing: their own political futures.
Also from the WSJ this morning: Global Selloff Sinks Futures – Stock futures sank, tracking a plunge in European markets as renewed turmoil in the financial sector heightened fears the U.S. bailout plan will do little to alleviate the pain of a global recession.
Michelle Malkin also has a post up about this.
Buy hey, look at the bright side! At least oil is coming down!
PELOSI LIED ! THE STOCK MARKET DIED!
Moving to cash here, Boss.
October 6, 2008 at 8:20 pm |
Curtis,
I posted on my blog that Treasury needs to mandate that a percent of the funds received by banks for their assets MUST be lent back out in 6 to 9 months time to ensure the funds get cycle out to Wall Street. What is your thought about that idea? It is further explained on my irishlightning.com blog.
October 7, 2008 at 6:52 am |
Good point. I think you are on the right track. This whole mess may have started with the “housing bubble” bursting, but what accelerated it and exacerbated it was the lack of liquidity/credit available in both the personal and commercial markets.
BTW, Lightning, like your blog.
October 7, 2008 at 11:20 pm |
The House shot down the $700 billion bailout bill early last week and I thought they were standing up for what’s right. Then they approved the bill after $150 billion in pork had been added and I thought, “Oh, yeah, that’s how this game works.”