financial crisis
You may recall the second question from Tuesday night’s town hall debate from a young black fellow named Oliver Clark. Clark asked the candidates what the bailout package does for the Average American. McCain responded by attacking Obama for not regulating Fannie Mae and Freddie Mac — it was his ONE JOB AND HE BLEW [...]
Dudes, our noses are bleeding and the sky is on fire because GOOD LORD, refreshing the Dow every four seconds as it’s free-falling is like SMOKING CRACK. This is astonishing. Whoa! There go another 30 points! HA HA HA HA HA WHEEE. [Yahoo! Finance]
HERE’S A LITTLE EXTRA, BUY SOMETHING NICE FOR MRS. AIG: The government will give terrible insurance whore AIG another $37.8 billion loan in addition to the $85 billion one it received last month. (Ken mentioned this too!) All you have to do is ask politely and put on a sad puppy face! WOULD ANYONE ELSE [...]
Well here is your updated Dow Jones thing, about which every “person on the Internet” today has been freaking. It went down like 350 points after a far greater initial plunge. This has baffled many, many people today, that this stock index fell triple-digits on a day when every remaining bank on Earth basically failed.
AND EVERYONE’S HAPPY: “President George W. Bush signed the biggest government intervention in the financial markets since the Great Depression after U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted Friday in favor of a $700 billion Wall Street rescue package. Mr. Bush welcomed the passage of a rescue [...]
Whoa what is going on here, the wacky bailout bill has somehow passed in the House of Representatives by two million votes, 263-171. Take that, uh, China!…?? Many House Republicans switched from “no” to “yes” because they thought they were voting on a measure legalizing gay sex with pages. Now the bill will be driven [...]
God this just makes no sense. McCain says about the bailout he voted for just last night, “This bill is putting us on the brink of economic disaster.” Well that’s as good a reason as any to support it, no? Then he says he voted against Medicare and porks at other times in his life [...]
The White House has been trying to rename the GREEDY WALL STREET MONEY GIFT a “rescue” plan today as a more palatable replacement for the common nomenclature, “bailout.” Now “bailout” is not a very marketable word, sure, so let’s test how “rescue” plays out: “The government wants to rescue Wall Street with billions of dollars [...]
Okay so it’s nine days old, but you must read this very delightful article about the effects of the financial crisis on Greenwich, Connecticut, a town where rich people live. There had been three types of people in Greenwich, organized into a clear heirarchy: rich hedge fund managers, rich investment bankers, and lastly, filthy serfs. [...]
LEDE OF THE DAY: “Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition – hours before the vote failed and stocks tanked.” [Politico]
NUMBERS ARE FOR LOSERS: Oh well this is nice: after the Dow plummeted 600 points early this afternoon, it recovered most of those losses. And by that we mean CONTINUED TO PLUMMET HORRIBLY GAHHH. It’s down 770 777 points, which sounds eerily like a “record.” The S&P and Nasdaq are faring even worse, percentage-wise. Here’s [...]
