Saturday, February 21, 2009

Economy? What economy?

Reuters: Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.


Via Sprung, here's Roubini on nationalization: "Six months from now even firms that today look solvent are going to look insolvent. Most of the major banks -- almost all of them -- are going to look insolvent. In which case, if you take them all over all at once, you cause less damage than if you would if you took over a couple now, and created so much confusion and panic and nervousness.


Kevin Drum: Beirut probably isn't the first place that comes to mind. But it turns out that back when Wall Street was running wild, Lebanon's central banker, Riad Toufic Salame, was busy keeping his country's banks some of the safest in the world.


atrios can't top crying for the poor disadvantaged bushies: Only 25% to 30% of ex-Bush officials seeking full-time jobs have succeeded, estimated Eric Vautour, a Washington recruiter at Russell Reynolds Associates Inc. That "is much, much worse" than when Ronald Reagan, George H.W. Bush and Bill Clinton left the White House, he said. Paul Krugman adds: But it appears that wingnut welfare is breaking down when it comes to former Bush officials. Is this the beginning of the end for movement conservatism?
Benen on stoopid Repuglican talking points: Didn't we already have this debate? Isn't it already clear that the conservative talking points were wrong in October, and haven't improved with age? I suspect most of these conservative media personalities know their arguments are wrong, but haven't quite come up with anything new yet. So, they recycle the old talking points, discredited though they may be.
  • Josh has a Deep Thought!
  • Robert Reich on The New Deal and the New New Deal: Countering Conservative Claptrap
    The stock market reached a six-year low today. Why? Some blame loose talk (including that of former Fed Chair Alan Greenspan) about nationalizing the nation's banks. Others blame Obama's new plan for helping homeowners who may not be able to pay their mortgages. But the real culprit is the accelerating decline in aggregate demand -- consumers, businesses, and exports. Companies are losing money because their customers are disappearing. That's precisely why the stimulus is so important -- indeed, why many of us fear it's too small.

brownsox finds epic NRCC fail in an anti-stimulus ad in MI: Amid the smoking cessation and STD prevention programs the NRCC cites as evidence of Peters irresponsibility come "$1 Billion for Advanced Battery Loan Guarantee Program" and "$600 Million for cars for government employees." The fact that Michigan lawmakers of both parties pushed for the advanced battery funding apparently didn't occur to the NRCC. Nor did the fact that those cars for government employees would be build by Michigan-based manufacturers.

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