A Banana Republic?

“So what we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch. As a friend said last night, we’ve become a banana republic with nukes.”

-- Paul Krugman

The $700B bailout has been blocked by Congress, and the stock market has taken a record-setting drop of over 700 points and shedding a trillion and change in value. The public, in contrast from the governing and business Establishment, has been heavily against bailing out Wall Street despite the threat that the commoners will only feel the pain worse.

For my part, I have been skeptical that this bailout would have provided more than a breathing spell for our broken markets, that our markets and econonmy are so dysfunctional that there is no neat solution, and that there is no way to avoid a lot of pain for our borrow-and-spend ways. One just wonders exactly how bad it will be.

A Banana Republic?

“So what we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch. As a friend said last night, we’ve become a banana republic with nukes.”

-- Paul Krugman

The $700B bailout has been blocked by Congress, and the stock market has taken a record-setting drop of over 700 points and shedding a trillion and change in value. The public, in contrast from the governing and business Establishment, has been heavily against bailing out Wall Street despite the threat that the commoners will only feel the pain worse.

For my part, I have been skeptical that this bailout would have provided more than a breathing spell for our broken markets, that our markets and econonmy are so dysfunctional that there is no neat solution, and that there is no way to avoid a lot of pain for our borrow-and-spend ways. One just wonders exactly how bad it will be.