My Head is Spinning
I am on vacation this week, so blogging will be light. Just as well, as I have absolutely no idea where to begin with the Federal plan to semi-nationalize the banking industry. I fear that the Bush administration has done it to us again. Economists will be poking through this situation years from now, and may well find the bunkers empty of WMD's. Another trillion dollar commitment and unprecedented expansion of executive power ramrodded on the back of fear mongering and chicken-little crisis declaration. Henry Paulson screams to the world that the sky is falling, and then wonders why he can't stop the panicked stampede. The Fed breaks the discount window wide open and promises to lend and recieve near infinite amounts of bank funds, and then wonders why banks have stopped lending to each other and only will do business with the Fed.
