We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
I'm with you, Habu. Good line - "Money is the lubricant." I watched this morning for news about Wachovia where a third of my inheritance was in stocks. Stuart Varney blithely said, "Oh, those of you who use Wachovia as your bank are fine. Those of you who are investors are no more." (not verbatim)
Over a million dollars is 'no more'? I will be fine, but I'm not too impressed by theories anymore. In fact, I've joined the rabble who want the necks of our politicians and financial insiders - not because I've lost some money, but because our fine leaders are such f*cking idiots.
Ditto to all three of you. Where did that 700 billion figure come from? No hearings, but they have time to investigate steroids in baseball. There will be more bailouts to come. At this point in the meltdown everyone is lying.
Meta; Get your scarves back from your broker,and start using some piano wire,or you won't be driving in any fast cars. You Big Madona! : )
Tried to comment on Mulligan's site, but kept getting the little red X where I had to read to code letters - so here it is on Maggie's.
Mulligan's analysis is fair all other things being equal. However, as the normal non-financial company employs long and short leverage in its business, say in an amount equal to 50%-100% of its capital, it will find the drying up of short term credit crippling.
Recall the radio ad for a mortgage broker that says, "when banks compete, you win"? Well, that works both ways, and now we will have substantially fewer banks (less competition) and they aren't anxious to lend, even to each other.
This economist is forecasting non-fincial job losses in the hundreds of thousands unless Congress gets a bill passed.