Ilargi: As Obama builds an economic team consisting entirely of Wall Street insiders, a decision he, and all of us, will come to deeply regret, the economy keeps on tanking like there's not even a tomorrow morning.
A 1.5% rate cut in England, an 0.5% cut in continental Europe with a promise of more, and none of it has any positive effects anymore: shares tank regardless. Governments will have to start buying companies outright, or let them go down, that is all that's left. The Dow Jones lost 5.1% yesterday, and is so far today well on its way towards shedding another 5%.
Peacenik hopes that Ilargi is being a little bit alarmist, but the top headline in the Globe and Mail on Friday screams "Auto makers plead for 'survival' loans." Yesterday the Dow and TSX were down bigtime....again. Oil is below $57 a barrel. Reality seems to be asserting itself in the financial/industrial markets. Does anyone have a plan? Does anyone know what is going on? Can this implosion be managed? Like you, Peacenik can only watch and hope.
