TODAY: Lehman Bros. goes bankrupt. AIG has to be bailed out by New York State. Merrill Lynch sees the writing on the walls and QUICKLY sells itself to Bank of America (before facing bankruptcy).
John McCain this morning said the U.S. economy was sound.
His staffers rush up to him and tell him otrherwise.
John McCain this afternoon changes his mind about the state of the economy but says we should talk about Barack Obama instead.
Smoke and mirrors. He and Palin are gonna be schooled on the economy over the next few days. Maybe then they'll sound like they know what they're talking about.
Another government "bailout". Whereas I agree it is better to let AIG unravel slowly rather than fall I'm tired of this socialism for the rich: all these policies that are supposed to foster an economic environment where the market forces are left alone to optimize profitability has led to a situation where the government ends up having to bail out large corporations and take over.
Something is deeply wrong in a financial system that can take down a company with supposedly 1 Trillion in assets and was until last year rated "AAA". Maybe it is just so easy to take stupid risks when you know someone else going to bail you out.
