Saturday, November 8, 2008

Oh yeah, there is still a financial crisis going on

I know there was an election and everyone wants to know what the first puppy is going to look like, but there's also been that whole financial implosion thingy still going on.

Iceland labeled a terrorist country by Gordon Brown. Foreign businesses are fleeing Iceland like South Vietnam during the fall of Saigon and Brown's actions are only exacerbating the problem. All because they won't bail out British depositors (and add enough debt equal to 50% their GDP in the process).

In Nevada, 50% of mortgages are "underwater."

Speaking of underwater mortgage holders, "The Party that Wrecked America" gets a taste of their own medicine.

Naomi Klein: The Bush gang's parting gift: a final, frantic looting of public wealth. I still have The Shock Doctrine sitting on my shelf, unread. I've been meaning to read it, just haven't gotten around to it. I'll try getting to it by the end of the year.

Remember all that bailout money? Well, Wall Street appreciates your money. They'll be redistributing your wealth into big bonuses for themselves.

The most ominous new development in the financial meltdown is the Chinese slowdown. Chinese Officials Flee with Cash. I think it's a good thing China executes crooked politicians. Chinese factories closing by the tens of thousands. Very disturbing. Instead of orderly bankruptcies, the owners are burning the books, draining the remaining cash, and taking off for non-extradition countries in droves. The collateral damage from those actions is tremendous.


Leigh C. said...

I've got The Shock Doctrine myself, and I haven't been able to get to it, either. Wanna go for a Biggest Reader-type contest? (think "The Biggest Loser"...)

JohnnyB said...

The Chinese (and Japanese) have been financing our easy money policies which led to the mess we are in now. I expect that interest rates will be going up, and soon, probably this time next year. When they go up, they will go up quick. Better get a house while you can, if you can.