This is the real "Code Red." As one banker remarked to me: "We finally found the W.M.D." They were buried in our own backyard -- subprime mortgages and all the derivatives attached to them.Again, the endorsement of more Keynesian "stimulus," like Theodorick of York prescribing another bloodletting.
Yet, it is obvious that President Bush can't mobilize the tools to defuse them -- a massive stimulus program to improve infrastructure and create jobs, a broad-based homeowner initiative to limit foreclosures and stabilize housing prices, and therefore mortgage assets, more capital for bank balance sheets and, most importantly, a huge injection of optimism and confidence that we can and will pull out of this with a new economic team at the helm.
The last point is something only a new President Obama can inject. What ails us right now is as much a loss of confidence -- in our financial system and our leadership -- as anything else.
Left wing “influencers” like Olivia Julianna being paid $8,000 per month to
push out Democrat propaganda
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Wow, no wonder these communists are at record low approval ratings. They
have to pay their propaganda pushers at least
The post Left wing “influencers” l...
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