It's been a fun week in the market. Mostly I just wanted an excuse to run with this de-motivational poster I recently found online. Go to Dealbreaker.com if you want more in-depth play-by-play action of the financial catastrophe.
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3 comments:
US is now officially a socialist nation.
So let's see if I can sum this up -
The US Government - in HOT pursuit of the free market ideal - allows Wall Street and others to invent investment vehicles (derivatives, etc.) that even hard core gamblers wouldn't touch with a 10 foot craps rake.
Wall Street, American Industry & Business, Your Local Savings and Loan, Bernie Mac & Fanny May all go on a gambling run in the market place that would embarrass Las Vegas, Atlantic City and Monaco combined - not to mention freak out any self-respecting floating crap game you could find in any dingy downtown alley.
The chickens come home to roost as it were, but not in a quiet sneaky way - noooo - we've been watching them roost up for months (or years) like some surreal scene from Hitchcock's "The Birds".
All Hades Breaks Loose!
The Financial Community cries out "Do Over!"
The Fed reloads their line of credit at the RESPECTABLE gambling establishment known as The Market - coming to their rescue like some harried father of a college cheese head bindlestiff who has blown his tuition money on beer and nachos.
The Players hit the market again with all the determination of a Texas-No-Limit-Hold-'Em player on 'tilt'.
Who the heck needs 'reality TV'? This is way more entertaining - there's only one problem - we all get to pay to watch it in some way whether we want to or not.
This ain't socialism, my friend. It's economic fascism.
'Nuff said!
I have to disagree with you on one key point, FP. This has nothing to do with anything resembling a "free market," idealized or otherwise.
This is the consequence of privatizing profit and socializing failure. Outsized risks were taken precisely because banks knew that if they crapped out, the Fed would come to the rescue, thus hedging the downside.
In a way, it's like parenting. If your child knows that their allowance for the week is all they get until next week, they quickly learn to demonstrate some prudence and prioritization in how they're going to spend it. On the other hand, if they know that daddy's wallet is always open, and you never say no, they're going to demonstrate way less forethought and impulse control and always want more!
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