The US Government goes "all in"
Lowering interest rates didn't work. Cash infusions didn't work. Bank mergers, bailouts, and takeovers didn't work. More and bigger interest rate cuts, cash infusions, bank mergers, bailouts, and takeovers have still not worked.
So now they are to the point of maxing out the wife's credit card for $700 billion worth of chips, and pushing them all into the pile for one big double-or-nothing bet.
Is anybody else nervous as hell about all this?
If this were an energy-related crisis, I think I'd have a fairly good understanding of it. But the financial system is so shrouded in mystery, I don't even really know what or who I should believe.
I thought this news segment from PBS did a pretty good job of explaining the basics in layman's terms. I still wish I had a grasp of the bigger picture...
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posted by e4 @ 9/29/2008 07:35:00 AM
6
comments
6 Comments:
Well, the bigger picture goes something like this:
The rich get richer, the poor get poorer. :(
To me it looks like even the rich will get poorer, whether the bill goes through or not. From a money standpoint, it looks to my novice eye like systemic deflation, and I don't know what the safe havens would be for the rich either.
Have a look at the Automatic Earth site. The articles can fairly incomprehensible but the comments aren't.
viv in nz
This comment has been removed by a blog administrator.
knutty knitter - I do read Automatic Earth. I just don't like to rely on it as my only source of information, or just assume the authors are right, since what they are talking about is often over my head. They definitely have an angle and they never deviate from it. Of course, they've been right a great number of times, so I give them credit for that...
I really think everybody is pretty clueless right now. Maybe Wall Street took a tumble yesterday just because they wanted to scare everyone. Frankly I think we need a wake-up call. Everyone from the top down think they deserve more than they really do.
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