Last week I was adamant that the sky wasn’t falling in on us as a result of Wall Street’s instability. I still believe that is true. It is also true, however, that the government has to take quick action, and I mean over the weekend, or we may be in deep bandini. There are so many reports and so many news stories that I’m simply going to list some US and International media links and let you, our reader, select which one’s to read. To write a comprehensive analysis would take a book…and you can bet a bunch are already started.
McCain, Obama spar over Wall Street crisis [The Hill]
Video:Obama Calls For Help On ‘Main Street’ [AP]
Meltdown Puts Obama Back In Drivers Seat [Irish Times]
Timeline of Recent Financial Tumult On Wall Street [International Herald Tribune]
Behind Closed Doors, Warnings of Calamity [New York Times]
Obama Links McCain Social Security Plan To Crisis [Bloomberg] 45 mins ago (from publishing this post)
Massive Bailout For Wall Street [Independent, UK]
and the list goes on. Google News ” Wall Street Crisis’
Sphere: Related Content
The wild card is the real economy, as opposed to the financial system. Much of the wealth of the world has been built only oh so recently. To the tune of many trillions of dollars, really. I keep looking for anyone who knows how this factors in to evaluating the current crisis, and I can only conclude that even the best of us really don’t have the slightest clue.Sobering!
Stuart
I hate to say this but I think we’re already in deep bandini and the bail out plan looks to save the corporations and not the citizens. We are screwed. Read Paul Krugman.
Also read Sebastion Mallaby in the WaPo. BushCo’s bail out plan is rotten.
Will Bush become the new Hoover?
One more:
But Will It Work?