Sunday, September 14, 2008

Thank You, Herbert Hoover...

Oops, I mean George Bush & John McCain. Sorry, but news like this causes me to forget this is 2008, and not 1929...

Wall Street was in turmoil on Sunday as Merrill Lynch rushed to find shelter in a $35bn-plus takeover by Bank of America and Lehman Brothers headed towards filing for bankruptcy.

BofA's bold bid for Merrill came as the world's top banks appeared close to abandoning efforts to save Lehman and set out to build a firewall against further financial chaos with a $50bn liquidity pool to support other vulnerable institutions.

There was speculation late on Sunday that the Federal Reserve might announce additional liquidity support, possibly by easing the terms on its borrowing windows, to reduce the risk of a disorderly unwinding of Lehman's positions. The Fed meets to decide on interest rates on Monday. The moves capped a weekend of high drama that could lead to one of the most radical reshapings in Wall Street's history.

Thanks to the Bush-McCain GOP "laissez-faire" policies that actually privatized reward while socializing risk for these financial industry oligarchs, they allowed for a deregulated market that led to all these risky investments that are now collapsing all around us. I hear that McCain says this reinforces his call for "reform" on Wall Street. Excuse me... But what "reform"??!! Sorry, but his & Bush's "reform" is what f**ked us up in the first place. Why the hell would we want more?


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