It was a good Friday for US financial markets today, free from the volatility of the past few weeks, because, of course, it was Good Friday, and Wall Street was closed. But come Monday, we’ll be back to partying like it’s 1929.
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The rate cuts haven’t fared so well, eh? There’s still a frozen credit market, and shit’s going up. The necessity you predicted didn’t do squat:
http://horsesass.org/index.php?s=inflation
Low rates don’t mean dick when no one is lending anything.
“It is when power is wedded to chronic fear that it becomes formidable.”
Eric Hoffer
Hmph. Presumably, the banks ought to be willing to lend out money they got for next to nothing. They bloody sure ought to, considering they’d be lending us our own money back.
It’s going to get very bad. I hope not as bad as the great depression, but it’s going to be ugly.
Cue the Ennio Morricone music!
People never learn. They’ve been voting for them cursed Republicans for decades — and now the chickens are coming home to roost.
It almost makes me want to invent some crypto-science/religion crap like the discovery institute has and start soliciting the public on behalf of sweet, bleeding Jayzuz and his band of invisible moralistic accountants.
@3 “Presumably, the banks ought to be willing to lend out money they got for next to nothing. They bloody sure ought to, considering they’d be lending us our own money back.”
Au contraire, they’re jacking credit card rates into Mafia loan-shark territory, and the more the Fed lowers rates received by savers the higher the for-profit lenders crank up rates on borrowers. Another fucking failure of private free markets.
The last time we had a system like this 50 people owned most of the country. But at least we got some nice museums and B & Bs out of it after their heirs didn’t want to pay the upkeep on their mansions anymore.
HARRY WHO IS CHARGE OF CONGRESS AGAIN.THE SAME ASSHOLES WHO VOTED DOWN THE SPEAK ENGLISH BILL.DODD,CLINTON,OBAMA AND JOE BIDEN.
ROGER ARE TRYING TO SAY THAT GOLDY HAS MONEY IN THE BANK HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHHAHAHAHHAAHAHAHAHAHAHAAHAHAHAHHAAHAHAAHAAHAHAHAAHAHAHAHAAHAHAHAHAHAAHAHAHAHAHAAHAHAHAHAHAHAHA.
Dont forget that ALL of this financial turmoil has
transpired since the democrats took over the Congress.
I blame them. Fucking losers.
Goldy:
That was a really good article by Krugman that you linked to. Most (even fairly well-educated)people don’t understand the most basic principles of our financial system, and how regulation (or lack thereof) plays an important part.