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.
CNN hack Erin Burnett: While Iranians chanted D-ath to America around me,
they had such friendly traits!
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So CNN has gone from “fiery, but peaceful protests” during riots, to
friendly “death to America” chants in Iran now..
The post CNN hack Erin Burnett: Whi...
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