Ilargi:
Looking at the fall-out from the Fannie and Freddie bottomless pit bail-out, I can’t help combining in my head the financial news with reports on the Hadron particle accelerator.
Looking at the fall-out from the Fannie and Freddie bottomless pit bail-out, I can’t help combining in my head the financial news with reports on the Hadron particle accelerator.
Protesters claim it could create black holes. And I’m thinking: guys, if black holes are your thing, you should be watching Wall Street.
After yesterday’s market losses, it’s obvious that hardly anybody was fooled for more than 24 hours into thinking that the unlimited bail-out would calm investors, or stabilze mortgage rates, or anything of that sort.
And I’ll repeat once again that it can’t. Calling a bottom in this market is a very simple thing to do, it’s just that no-one wants to do it, for good reasons perhaps (fear).
Peacenik thinks it's time for a little bit of financial doom and gloom. Peacenik wouldn't be suprised if there was a total collapse of the global economy as early as tomorrow. It could be dragged down by a cascading failure of the U.S. financial sytem. The blog Automatic Earth lays out a possible scenario. Peacenik doesn't have much advice for anyone as this fiasco unfolds and our economies get sucked into a black hole. Mr. Harper and Mr Bush will figure something out.
