Monday, October 06, 2008
Dow On Free Fall
Dow closes down below 10,000 at 9,955.5. It looks to me we need at least another $700 billion to bail out the bailout we had last week. I think that's what Paulson and Bernanke are going to suggest. We need another $700 billion to bailout the bailout or else the world is going to hell.
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New York City is falling apart .... Buildings are collapsing , the financial market is in a tailspin and the dollar is not the dollar it us...
I was trying to leave a rational comment here but failed. This thing, confidence, is so elusive when it's not backed by the goods.
ReplyDeleteActually I think both the US and Ireland are doing things half-assedly. If the Nordic model is the way to salvation, then it involves not JUST a bank guarantee or JUST getting the bad debts off of banks' balance sheets. It's both. But I'm not sure if the governments have the will or the financial wherewithal to do both.
Germany and a couple of others just followed Ireland's example of unlimited bank guarantee after dissing the measure previously. And apparently this every-country-for-itself approach jeopardises a pan-European response which may be our only hope of really fixing the problem on this side of the Atlantic... Whilst I like the fact that the failures of the neoliberal model are clear for all to see now, I'm not sure if we'd have what it takes to build a social democratic model a la Scandinavia.
Can hope somehow turn into confidence?
I do not have any rational analysis, I have to blame on Uncle Sam and those motherfxxking in Wall Street, I have lost a Rolex and a D700
ReplyDeleteI don't know what else the government can do.
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