A couple things before I get back to actually doing my job on this Thursday morning.
The Good: Krugman likes the direction in which Treasury appears to be headed. I guess Paulson's considering pumping capital directly into banks with the bailout money to hopefully grease the credit wheels again.
The Bad: In an earlier post, Krugman wrote about how Fed funds interest rate cuts don't appear to be having an impact on the actual interest rates we all deal with. That can't be good.
As an aside, yes, I'm completely dependent on Krugman for my economic information. If he's wrong, I'm in trouble. If only we had a business professor in our group who could help the rest of us understand what the crap's going on...
The Ugly: The Repugs have completely thrown their weight behind stirring up hate. We all know that Palin's been rousing hateful/racist crowds at her rallies. Now, Cindy McCain's ramping up her specious attacks. And, the right wing nut jobs who write for the National Review's blog, the Corner are openly calling Obama a Maoist bent on infiltrating legitimate institutions to subvert them. Desperation is an ugly, ugly thing.
5 comments:
Am I supposed to actually understand this? I talked to one of my colleagues yesterday about this whole thing, in particular whether the Paulson plan was going to work. I got lost pretty quickly. OK, I got lost immediately. And he was probably dumbing things down a lot. The thing I learned from him is how truly complicated the whole thing is, from the global forces to the hundreds of crucial institutional details.
Yikes! If George doesn't understand the financial crisis, the bozos on Wall Street and in the Treasury most likely don't either. I'm officially stocking up on canned goods.
I'm officially stocking up on Old Style.
Again.
thanks for doing the sassy morning update, dave!!
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