Steve -- please give us the broad view of what the heck is going on w/ Freddie/Fannie/Lehman/Bernanke etc....preferrably no graphs.
SNL debut was a little slack I thought. The opener w/ Palin/Clinton was hilarious and I definitely liked 'home schooled vs public school quiz bowl' but the rest seemed a little lifeless. The swimming coach pep talk skit was directly lifted from the Peyton Manning SNL and there were also one too many recurring characters for this early in the season.
Phils are TIED for the wildcard lead and one behind the Mets in the East. wow.
Bears could've/SHOULD'VE started 2-0 on the road. Of course I didn't get to see the game b/c 93 miles from NYC is not nearly enough to escape the Giants' market saturation.
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Since Steve hasn't answered yet, I'm going to chime in ... there is a good article on cnn.com today that describes what is happening in broader strokes than just a "the banks met and they are failing" kind of thing:
http://money.cnn.com/2008/09/15/news/companies/lehman_endofwallstreet_tully.fortune/index.htm?postversion=2008091512
Sounds to me like this was a long time coming. I am just glad no one is talking about bailing out other companies like this one.
Well ... AIG is taking a $20B loan from the state of NY and is in talks to take another $70B loan from the federal govt.
Sigh. Corporations never learn when you keep bailing them out. Why on Earth should they use common sense, if we keep doing this? We do alleviate some short-term pain, but I think the long-term consequences are more dire. I am sure the government will make them pay back the loans -- this time. "This time" they always will pay back the loans.
Hi All,
These banks were ultra-leveraged and rode the gravy train for too long. It was bound to come crashing down. The fed bailouts are stupid- increasing moral hazard. But, I think we are getting a significant wash-out even with government help as shares prices have been absolutely demolished. So, hopefully this won't happen again for another 7-8 years (ha ha).
I think we should just let the rest fail and let the chips lay as they may. Only the strong should survive, and then we can start to recover from the rubble. Otherwise, a slow bleed is much worse than a quick purge.
Things are lookin' up on SNL, what with Tina Fey's Sarah Palin impression. At least what I ever see of it, which usually only consists of the opening sketch, one fake ad and then MAYBE one other sketch before I fall soundly asleep.
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