$700 Billion down the hole and the Dow plunges 500+ this morning.
That Hank Paulson’s a genius.
This American Life has a fantastic, ground-level primer on the “credit crunch” (it’s in the commercial paper marker, where $100 million is chump change, not down at the small business level). If you’re in the least confused - or curious - about what’s really been going on over the last month, it’s a worthwhile use of 55 minutes.
Oh, and what caused the credit crunch in the first place?
The failure of Lehman Brothers. Which Paulson, Bernanke et al refused to bail out.
Yeah, they’re geniuses all right.
Last 2 posts in Economic justice
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- perhaps someone should show this to president-elect obama - January 6th, 2009
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