Cliff-diving financial markets

It’s “the end of American capitalism as we knew it“, says a British economist, arguing that since it is the state that ultimately guarantees banks, that the state should therefore control them.

If so, then why not keep these activities in permanent public ownership?There is a long-standing argument that there is no real case for private ownership of deposit-taking banking institutions, because these cannot exist safely without a deposit guarantee and/or lender of last resort facilities, that are ultimately underwritten by the taxpayer.

Feds want buyer for Washington Mutual. Right now. If not sooner.

Russian stock market halted again. Their stock market is down 25% in three days. It should be grisly fun watching the corrupt billionaires and the criminal entity that is the State (oh sorry, they’re the same thing, aren’t they) rip each other apart for the scraps of what remains of their economy.

Meanwhile, in the Citadel of the Clueless:

Pelosi orders wide Wall Street probe. This should have been done months ago when it might actually have helped. Horse. barn. gone.

Reid says Congress won’t act because “No one knows what to do”. Well that’s just great. How about we get people in there who do have a clue, then?

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