STP

"Such was the break down in trust and sense of panic that some of the most familiar names in British high street banking would not lend to each other at all or, at best, just overnight. Instead, the Bank of England had to supply tens of billions to banks who found the normal sources of funds blocked. *** Unless there is a radical and government-led change in ownership, structure, regulation and incentives so that the principles of fairness are put at the heart of the Anglo American financial system - proportionality of reward and fair distribution of risk - there is no chance of the return of trust and integrity upon which long-term recovery depends." -- I've watched the economy for 30 years. Now I'm truly scared "The problem is, government bailouts, subsidies, and insurance aren't really helping Wall Street. The Street's fundamental problem isn't lack of capital. It's lack of trust. And without trust, Wall Street might as well fold up its fancy tents." -- Robert Reich: Government Needs to Rebuild Trust in the Markets Derivatives the new 'ticking bomb' Banks are also hoarding their reserves. Plummeting Dollar, Credit Crunch...

She doesn't have time to read. Betcha she listens here.

The fact that there's financial turmoil in other parts of the world particularly in Britain and continental Europe shows that this crisis transcends the American two party system. Look at the impacts on housing and credit in other areas. For instance, the bank Northern Rock failed in Britain and mortgage lender Bradford & Bingley is being nationalized. Meanwhile, Belgium, the Netherlands and Luxembourg agreed to buy a 49 percent stake in Fortis NV for $16.4 billion. While the default of subprime mortgages in the US is the trigger, the idea of moral hazard implies that investors contributed greatly to the situation as it is unfolding (if I understand it correctly). Essentially it's a crisis of confidence through lack of transparency. Buffett warns on investment 'time bomb' Buffett On Derivatives: 'A Fool's Game' 'Germans Know Something About Business'

778

You forgot to add the long shot fringe scenairo. This is the formation of the North American Union incorporating Mexico, US, and Canada. It will have one currency called the Amero to compete with the Euro. Infinite Jest

Chronos?

"Still shakin' it, boss, still shakin'. I'm shakin' it, boss."

New deal to be hammered out by Sunday or Monday? Asia Needs Deal to Prevent Panic Selling of U.S. Debt--Bloomberg.com China banks told to halt lending to US banks-SCMP--Reuters

I suppose stranger things have happened and Lieberman has stumped for McCain. Seems believable but aren't there hurdles to jump before this can happen? Lieberman ran as an Independent but isn't he still officially a Democrat (Independent Democrat)?

Ha! You're for us or agin us! Deists as I understand do not believe in the idea of a personal God who injects himself in the world time and again. As the atheist would say: Moral laws evolved naturally in the community of Man without the invocation of a supernatural power. One could even look at the animal world and posit the beginnings of morality, especially in primate behaviorism. Nonetheless, Jefferson did include the mention of the Creator in his writing.

FWIW, one or more of the framers of the Constitution were Deists. Jefferson wrote, in the Declaration of Independence: "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights..."

[video:youtube]x5h-hHTg6zY Heh, whatevar happened to those doublenecked gitars? [video:youtube]qH_PPzcpeBw

Well, 16.7 billion is alot of money in that short a time. How many of those were depositors holding more than the $100,000 insured?

the answer

The Buddhists call it Collective Karma. The Judeo-Christians call it Divine Retribution A Poem Animated Version

The incoherent babblings of a syncophant [video:youtube]npUMUASwaec

So, JP Morgan acquired the investment house Bear Sterns and now has your deposit money from WAMU to gamble on the next round of speculative bets.

Hyperinflation? A default by the US government is no longer unthinkable Systemic Failure of the United States- Game Over "The earthquake will come via a collapse in the market for U.S. government bonds as domestic and foreign investors realize that the only way Uncle Sam can meet his future spending obligations is to print massive quantities of money. The result will be sky-high inflation and interest rates and, most surely, a prolonged reduction in output and employment. This could happen today. It could happen tomorrow. But it will happen here just as it has happened in every other country that tried to spend far beyond its ability to pay." Is the U.S. Going Broke?--Forbes Should the US Government’s Sovereign Credit Rating be Downgraded to Junk? "Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system. --snip-- "For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House." The Shrinking Influence of the US Federal Reserve [video:youtube]jHPOzQzk9Qo

What sweeping changes! I heard it through the grapevine that the US Mint will be replacing the Lincoln penny in anticipation of the new direction our country is taking. The new coin will have two heads. On one side will be Treasury Sec. Henry Paulson while the other side will feature Fed Chairman Ben Bernanke. Good times!

Hey, I don't mean to poop on your thread, but do you realize that early on, Bush was pushing a plan to privitize Social Security? So, if 911 hadn't happened then that goal would likely have been his legacy?

So when the END comes, do you think Sarah will allow me to seek refuge in Alaska?

"You've heard of mental depression; this is a mental recession." "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline." --Senator Phil Gramm ® Here's some of the actions taken by Phil Graham: Assisted in sponsorship of the Commodity Futures Modernization Act of 2000. One provision of the bill was referred to as the "Enron loophole" because the House Agriculture Committee drafted it and it was later applied to Enron. Some critics blame the provision for permitting the Enron scandal to occur.[4] At the time, Gramm's wife was previously on Enron's board of directors. Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities. Years later, critics of Gramm point out that this same legislation may have been pivotal in encouraging the corporate practices that led to the 2008 mortgage crises in America.[5] Between 1995 and 2000 Gramm, who was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, received $1,000,914 in campaign contributions from the Securities & Investment industry.[6] We used to have a name for people like him

Senator Phil Graham introduced the legislation that repealed Glass-Steagall. President Clinton signed it into law. Wasnt' Phil Graham McCain's former economic advisor? Too big to fail?

Seahawks?

This is what Joyce would term improper art: Television tower in Prague. Do you see those black things on the tower? What do they look like? To get a better sense of it, see the series of pictures here: http://deputy-dog.com/2008/07/17/ever-seen-a-creepier-tower/