Wednesday, September 17, 2008

Shot By Both Sides

Let's get this straight: The Fed prepares an $85 billion bailout for American International Group, because the insurer's exposure to derivatives and hedge funds could cause a domino-effect collapse to banks in Europe. So the day after the deal is announced, HBOS and Lloyds TSB both own up to being in such bad shape, they will attempt a merger, thus possibly starting a domino effect in Europe. (Oh, and let's not forget Morgan Stanley and Wachovia.) Translated, whatever we do we're screwed. Look out below.


Sharon said...

Jeez Loring, what are you trying to do to me? You come over to my blog of mindlessness and make me laugh and then drag me back here for a dose of reality........I think I need a hug said the Ostrich to the Rooster.

Loring Wirbel said...

Hugs all around! We need them more when the economy is crashing before our eyes, all the more reason to dance.

Ruth said...

Not to worry! While the world economy collapses around us, life will get better. Know why? What Loring said. People's lives become more meaningful when life is hard. I remember hearing a guy who had been imprisoned in a work camp in Eastern Europe - made to drink his own urine, all kinds of lovely tortures like that, and he said, calmly, circumstances will get worse, but people will love each other better. Let's dance!!