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| by Paul Szep |
Bonddad
has the bottom line:
1.) Earlier this week, Bear Stearns denied there were any problems. We know
how reliable those statements were. Can we now please assume that any representative
of a financial company who says things are fine is lying? It really would
make life a great deal easier.2.) Yesterday, S&P announced that the big banks were near the end of
their writedowns. They also said the US can win a land war in Asia.3.) Bear did this to themselves. They got involved in the mortgage backed
market of their own free will. They obviously made some incredibly stupid
choices and decisions. They should be allowed to fail, plain and simple.The only way to prevent this mess from happening again is to let some of
the big banks fail. … ..
On the opposite end, I give you the Clinton Global Initiative, including webcasts of the event, with more here. In addition, MTV and Clinton Global Initiative to Host Bono, Chris Rock, Alicia Keys and Shakira for Youth Activism Discussion and Concert. Former President Bill Clinton stands in stark contrast to George W. Bush. Looking back on the economics of the 1990s, it is a reminder of the power of the Democratic economic message when compared to Republicans. These links come via Vanessa Valenti of Feministing.
UPDATE: Tom Watson does an interesting write up on the economy, using the “3:00 a.m.” phone call as a metaphor. Apt.
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