I'm too numb to post anything thoughtful about the financial situation. Just do yourselves a favor and read this
, from the Cunning Realist
The past eight years have constituted the fastest, most complete reversal of fortune in this nation's history. One party controlled the government for almost all of it. Obama/Biden have been handed on a silver platter one of the starkest policy debacles ever, and just weeks before an election. If they don't hammer the White House and Republicans every day for this, they deserve to lose. And if voters don't think change is needed, they deserve whatever John McCain gives them.
Or maybe this is the highlight:
A couple of big-picture realities have become obvious. First, our financial system as it's currently constituted is neither profitable nor viable without artificially low interest rates. Moreover, in an age of risk socialization, the winners are those who acquire an implicit government guarantee by becoming "too big to fail." Individually, each reality has broader implications -- together, even more so. Perma-low rates and system-saving bailouts and interventions aren't possible without a de facto dollar standard; the longer-term inflationary consequences are too serious.
Oh, just read the whole thing. It'll take you 3 minutes. But you'll stay scared all day.
Labels: The Great Depression Is In My Head And Heart Right Now, Uncharted Waters We're Sailing Into Folks