unbridled greed 'free markets' wasn't the best answer.
Co-Dependency: PIMCO's Bill Gross says there is no way to get down off the tiger's back and we might as well totally nationalize housing in the US. He says it would simply be recognizing “the necessity, not the desirability” of socializing the economy in order to make it profitable for the capitalists. He has a dog in this fight.
Gold in the Streets: First there was the rumor that Cairn had found oil off Greenland and its stock rose. Then they announced all they'd found was some natural gas, so their value fell. But for a little while there, Gracie, we were in the money!
Words and their Meanings: There are no more 'combat' troops in Iraq. Sure. And long after next July when US forces begin their pullout from Afghanistan there will still be “a significant number of US marines and combat forces 'hammering' militants there “for a few years”, according the Marine Corps Commandant. No, his name's not Orwell.
One In the Bush: Extending the Bush tax cuts for the wealthy will add $680 billion to the deficit over the next 10 years – most of which will go to the richest 0.1% of the country. Remember how the Republicans delayed a piddling $26 billion in aid for cash-starved states? And even more delay in giving some help to the long-term unemployed? Well they want to give the rich their money right away – checks averaging $3,000,000 each to the richest 120,000 in the country.
The Spin: What a great time to buy an existing house – after sales fell 27% in July (m/m) you've got even more to chose from! More than a year's supply. More than twice the normal number to select from.
Spokes, Clothespin, Playing Card: In the early days, some places required a horseless carriage be preceded by a man on foot with a lantern – to warn an auto was coming. Now Prius is – for $150 – putting in a special speaker system that will play the noise of a gasoline engine, so you won't scare the women and children.
Dogs, Baying at the Moon: Moody's now says the austerity measures being forced onto the citizens and governments of Greece, Spain, etc. will probably make things worse, not better. They were citing the fact that tight fiscal controls would slow economic growth – not even considering the riots and all.
Let's Make A Deal: While marveling at the rush by state and local governments to auction off public assets – parking meters, zoos, airports, everything must go – marvel at this: Wall Street is the middleman, taking a cut from both seller and buyer. “...the dominant economic doctrine of the past three decades, the worship of sociopaths, remains firmly entrenched.”
Refrigerator Art: The Saudis say crude oil will be about $82 a barrel come January. Put this one on the fridge next to Dilbert and the JPMorgan forecast for $50 oil from a couple of day ago.
Reminder: When businesses are dead in the water and consumers are stuck on the couch at home, more debt is not on the way to rescue the economy ruined by too much debt. Nothing is on the way to rescue this economy.