- Practically every day saw headlines to the effect of “Dollar falls to record low against yen/euro/swiss franc/baht” (well, I’m lying about the baht, maybe). Bloomberg has now gone so far as to call the dollar situation a “vicious circle of doom”. Apparently the Fed is talking more rate cuts today after the Bear Stearns debacle (see below), just what the dollar needs to continue plunging to new stomach-churning depths.
- Everyone’s heard about the complete implosion of everything related to subprime mortgages, right? Well, last week, the ensuing panic completely destroyed an investment fund that had nothing to do with subprime mortgages at all - Carlyle Capital Group, a fund investing solely in what have been thought to be the safest, most conservative mortgages from Fannie Mae and Freddie Mac,
Comments on this Entry:
(odinseye2k on
Mar 17, 2008 1:42 PM)I also love the twists in logic that lead us to bail out the financial speculators, while simultaneously having hard hearts toward those who worked in the REAL economy (you know, creating and delivering goods and services) when they had trouble.
Worked a factory 20 years of your life and actually created real wealth with your labors? Bosses owe you nothing when the Chinese can do it cheaper.
Bought into some speculator frenzy that you didn’t even read the fine print on? Well then, we’ll work day and night to save your ass.
These guys are LITERALLY cancers. Not only are they harmful, but they prevent their own extraction by binding to the patient and threatening his/her life.
Sure, prop these guys up for now, but send them one hell of a bill when it’s all over.
Oh, and yes, Alan Greenspan is never allowed to interviewed seriously again. EVER. You fuck up these bad, your career ends.
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