Archive for the 'collapse' Category
Cannibal Credit Cards Crashing
Well gee, this is certainly a surprise:
After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both, just as an eroding economy squeezes consumers.
The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of heavy losses after an era in which [...]
Cannibal Cafe
Chi Pig with Hellbent Cuntry: “Cannibal Cafe” (SNFU)
Come with me, I’m on my way
To the Cannibal Cafe
Won’t you come to the only place
Where you can be the “Special Of The Day”?
It’s eating itself:
The social conservatives and moderates who together boosted the Republican Party to dominance have begun a tense battle over the future of the [...]
MCKKKAIN ADVISOR LATEST TO ENDORSE OBAMA
Via TPM, another rat jumps ship: this time it’s ex-Reagan solictor general and until recently McKKKain campaign advisor Charles Fried:
[Fried] he has been prominently associated with several Republican leaders and candidates, most recently John McCain, for whom he expressed his enthusiastic support in January.
This week, Fried announced that he has voted for Obama-Biden by absentee [...]
No One Could Have Seen This Coming
Gee, what a surprise: Banks Are Likely to Hold Tight to Bailout Money
The deepening red ink underscores a crucial question about the government’s plan: Will lenders deploy their new-found capital quickly, as the Treasury hopes, and unlock the flow of credit through the economy? Or will they hoard the money to protect themselves?
John A. Thain, [...]
I Was Right
Like atrios, I was right.
Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government inject capital directly into the nation’s banks — in effect, partially nationalizing the industry.
As [...]
The Picture of Confidence
Ugh, what stinks? Is that his economic policy or his ass?
Bush Vows to Resolve Crisis
President Bush tried once again to reassure Americans’ faith in the shuddering economy, saying Saturday morning that industrial leaders gathered in Washington would do everything necessary to address the financial crisis.
“We will do what it takes to resolve this crisis, and [...]
Not Just Snider
Wachovia Bank, with one foot in the grave and another on a banana peel, found $8 million to loan the GOP at the last minute:
The announcement that Wachovia is throwing a lifeline to the RNCC for the home stretch of the 2008 elections is remarkable for several reasons.
First, the timing – shortly after Wachovia had [...]
Right Again.
Remember how I spent the last few weeks saying the Paulson Plan to hand over $700,000,000,000.00, either as a lump sum or in installments, to bail out the banks and investment houses that sank the economy was a bad idea? And that it wasn’t going to work?
And remember that link to This American Life [...]
Bailout Explained.
Anyone confused about the rationale for the bailout needs to listen to this week’s This American Life. I say that without a drop of sarcasm: it was one of the most informative hour’s I’ve ever spent.
I’m still against it: I think the Paulson plan stinks, whether it’s a lump sum of $700 billion or [...]
KAboom!
here’s something I’ve been saying for days:
Washington’s financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right?
Wrong. Experts say the most important thing that needs to happen before the $700 billion bailout even has a chance of working: Home prices [...]
