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September 24, 2008


Bob B

From this recent interview on video, Greenspan evidently doesn't believe in the classical dichotomy:


As ever, I can't help but feel when governments say " something must be done" it already doesn't need doing.I would be most surprised if the US housing market isn't very near its nadir with the bottom fishers already out in force. And Warren Buffett's bet on Goldman Sachs says more about what's really happening than all the huff and puff on Capitol Hill

passer by

All establishments whatever their make up close ranks when the Shit hits the fan. they are never going to admit that some of its finest brains and most prestigious bodies both state and private believed in alchemy, even the press turns a blind eye to that as they have a lot to lose too.

The current excuse is wall street got drunk, and all thats needed is a few billion buckets of water of their heads to sober them up is what the good citizenry should undertake. Leaving them to lift themselves out of their own sick will undermine the assumption that the only great and the good should rule.


The US housing price collapse is not near done; just as ours is not.

The BRIC's are struggling as capital is withdrawn from their economies; Russia had to close its markets last week. Domestic demand is still small by comparison with exports.

The numbers for US growth were widely discredited and the downward reviews are expected.

The plan may still have an element of scaremongering, but the real economy will take a steep dive if no deal is done and the banks are effectively left to go under.

You wouldn't start from here, but here we are now....

Bob B

Have you seen this piece by Martin Wolf in Wednesday's FT?

It's a damning - and worrying - critique of Paulson's plan for rescuing American financial institutions from the consequences of their toxic investments.

In The Times, Jack Welch - former chairman and CEO of General Electric - is reported as saying: "the US economy is facing a deep downturn."

I think we can say with confidence now that the Bush administration has been a complete and utter disaster.

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