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Progressive Politics in Minnesota, the Nation, and the World

It's 3 A.M. -- Bernanke's Calling

Category: Economy
Posted: 03/17/08 15:52

by Paul Bartlett

Bear Sterns, the nation's fifth largest investment bank, is belly up.
Bear Sterns' stock hit $171 per share in 2007, sank from $57 to $30 on Friday, and nose-dived to salvage value over the weekend. Bear Sterns is a casualty of its own investment greed. Its demise is corporate suicide; other investment banks will follow.

As the nation's banking system stands at the precipice, the Republican presidential nominee has openly confessed his ignorance of economic issues. John McCain is singularly focused on combating phantom enemies while the nation's economy implodes.

When the White House phone rings at 3:00 a.m., and it's the Federal Reserve Chairman declaring that the nation has slipped into a depression, if today's version of Herbert Hoover answers that call the result will be disastrous.
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When They Say Everything is Alright --You Better Run!

Category: Economy
Posted: 03/16/08 23:26

by Dave Mindeman

"We've got strong financial institutions. Our markets are the envy of the world. They're resilient, they're...innovative, they're flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong."
--Secretary of the Treasury, Henry Paulson

That would be a SELL signal.

The Bear Stearns stock sale to J.P. Morgan for $2 a share has the smell of panic. How many more bank problems are waiting in the wings?

Everytime you see the Financial people (Treasury Secretary, Chief Economist, etc.) get trotted out to the talk shows to "reassure" the markets, you know we have real trouble brewing.

The dollar is collapsing. Job numbers are awful. Banks have untold amounts of worthless paper. And people are bailing out and just leaving their homes behind.

Recession? We may be moving into a brand new category.

I had been hoping that we can quietly get through the year, even if the war in Iraq has to continue.....and maybe, just maybe, the country could limp a post-Bush recovery.

But, we might not make it. Bush has wrecked our foreign relations; he has depleted the military; mired us into a hopeless war; left New Orleans in ruins; gutted environmental standards; left the country in hopeless debt; gutted the dollar; and now has sent the economy into a death spiral.

We may not need a November election. We won't have a country left to govern.
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