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Tuesday, February 10, 2009

This is how close we came to economic collapse last September -- if you believe this Congressman
Posted by Jill | 6:54 AM

Pay particular attention about 2:15 in.

Check out what this blogger has to say about this video at Motley Fool:
So there you have it, Fools. Britain we know came within 3 hours of utter collapse, and now we see that the U.S. came just as close a month prior! Indeed, the entire world economy came within a day of systemic failure. It makes you wonder... how many hours do we stand from such a scenario at the moment? Further, what warnings can officials from the new administration utilize to influence Congressional votes that could possibly trump those warnings of Paulson and Bernanke on that Thursday evening back in September? These are fascinating and perilous times, and I urge all Fools to keep watching intently. Our modern financial system is gravely ill, and may never recover... we have to be asking ourselves what comes in its place if only as an exercise of due diligence.

The unfortunate reality is that we are treading on untrodden ground here, and no one has a freaking clue what to do about it, if indeed there is anything to be done, or if we are looking at inevitable collapse. Meanwhile, we have a Republican Party that seems to think if they can just keep the economy bad for another two years, they can restore temselves to power in 2010 and crown Sarah Palin or Jeb Bush in 2012. Because for Republicans, it's all about political power and nothing else. The question is just how much political power will mean in a society that has completely collapsed. It may make it easier for Evita Mooselini to implement her Christofascist Zombie Brigade utopia, but one wonders if there'll be enough money left at all for Jeb Bush to shove more into his family's coffers.



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Blogger missy said...
We are the Dutch after the Tulip collapse.

These financial instruments were always chimeras and nothing more. All those derivatives sitting out there need to be zeroed out - canceled - and let the chips fall where they may. It will destroy nothing but paper wealth among the banks and the top 2%, but it will finally get all of us back to reality, knowing where we (and they) stand. If we don't rationalize the markets we will be skating on a razor's edge - and subject to repeated, progressively shorter and more extreme boom and bust cycles - ad infinitum.