collapse
Well, that was a fun week in finance news. So what did the markets get, after the U.S. government decided to end market capitalism and become the Soviet Bank of Soviet America? Stocks ended the week flat, that’s what. Monday morning, the Dow opened at 11,421. Today, after this unprecedented nationalization of AIG and promises [...]
Turns out we didn’t need “stealth socialist” Barack Obama to pervert capitalist America into a crumbling nationalized economy run in private by a dome-skulled kleptocracy as our nation’s battered military wastes away in the forgotten bummer of a civil war in Afghanistan. WAIT A MINUTE that is exactly what happened in the Soviet Union! And [...]
So you know how the Fed “bailed out” AIG with $80+ billion and now everything is okay? Right, it’s not okay at all. The $80+ billion allows the failed insurance giant an “orderly liquidation” of its assets. AIG is done. That is just one of the reasons why the markets continue to collapse today — [...]
John McCain said, today, that the “fundamentals of our economy are strong.” He doesn’t even know what this is supposed to mean, of course, because all he knows about the economy is that the Navy gives you money and benefits and the Senate gives you money and benefits and Social Security gives you money and [...]
McCain adviser and Krugman-obsessed NRO blogger Donald Luskin has one of his unintentionally hilarious “all economic statistics are a liberal conspiracy by the liberals” things in Sunday’s Washington Post, in which he gives the Obama campaign another Phil Gramm-style gift. “Things today just aren’t that bad,” he writes. And then he proudly quotes the Gramm [...]
If you own a house, it’s now worth negative nothing. If you’re a renter, your landlord is probably already in foreclosure and you will soon be homeless. Got some investments, maybe a 401k or whatever? You really don’t even want to look. Got one of those fancy jobs with benefits and health care and such? [...]
Here are the current Top Headlines at Bloomberg: Payrolls in U.S. Fall More Than Forecast; Jobless Rate at Five-Year High Mortgage Foreclosures in U.S. Rise at Fastest Pace in Almost Three Decades U.S. Stocks Decline After Unemployment Rate Unexpectedly Increases to 6.1% Merrill Lynch Cut to `Sell’ at Goldman; Credit-Market Writedowns May Rise Gabelli Says [...]
The Dow is down 370 points (2.5%) while the NASDAQ and S&P500 make similar terrible plunges, unemployment shot up the most since 1986, oil hit $138 and gasoline costs $4.50 a gallon at the start of summer, teen-age unemployment hasn’t been this bad since 1948, the housing collapse is really just beginning, foreclosures are at [...]
Investment Tips For The New Apocalypse
by Ken Layne
You know what we haven’t done in a while, due to fatigue or nerves or hangovers or whatever it’s called? A Comment of the Day, that’s what! Let’s do one right now, and honor Mr. or Mrs. NebraskashireGentry for this smart economic advice in response to our tragic 4 a.m. Great Depression II post.