For the last three days thread after thread on the financial crisis has been buried with out one making the rec list.
So, I'm going to try to make an open thread with hopes we can make it to the rec list and folks can post information, ask questions and clear up misconceptions and address rumors.
So, please rec up and add your comments!
Must see video..
This was posted earlier by plainbrown1
John Fortune and John Bird explain the banking/market crisis
Here are some recent threads:
- Unprecedented! Feds To Bail Out AIG: UPDATE by Limelite
AIG BAILOUT BY FEDERAL GOVERNMENT.
Fed to assume 80% interest in AIG as per CNBC. Market futures soaring as I type.
AIG gets $85B loan and dodges the bankruptcy bullet.
Only the shareholders lose -- but not everything. "Severely diluted" is the phrase being used to describe them.
- Obama's statements on the economic crisis:
Obama's Full Golden Speech: Why is it not on the Front Page??? by HadIt
and
Obama Speech in Full from Golden, Colorado on the Economy (Video) by icebergslim
- Money Mkt Busts the Dollar: A Major Shoe Has Just Fallen Updated by mikeypaw
A major shoe in the financial industry has just fallen that may have far reaching impact for every day Americans. The Sacred $1.00 share value for money funds has just been breached. This is being reported by Bloomberg News and has the potential to rile the markets even more than they already are.
- The Non-Bailout Bailout of Lehman Brothers by gjohnsit
You probably heard that Senator McCain was pleased that there was no taxpayer money used to bail out Lehman Brothers. Preisdent Bush gave us pretty much the same story.
That's Right! Talk to the Invisible Hand, Wall Street!
Oh, just one little thing that the media somehow overlooked.
- Now John McCain Wants To Take Credit For Our Economy? by BarbinMD
Today John McCain hit the morning talk show circuit and bragged:
The point is, I was chairman of the commerce committee. Every part of America's economy, I oversighted. I have a long record, certainly far more extensive of being involved in our economy than Senator Obama does.
- A Plea For Informed Financial Analysis by jhooversnyder
Everyone is alarmed by the Lehman Brothers bankruptcy, the AIG situation (however that will resolve), and the sale of Merrill. Everyone is trying to make sense of it.
I am making the following gentle suggestion.
Those who understand the issues involved, please offer your analysis. Those who do not understand the issues, please read the diaries of those who do.
- What the Hell are the Fundamentals of the Economy? by redstatefred
John McSame constantly chants that the fundamentals of the economy are strong. What is his definition of the fundamentals of the economy?
- "Lehman to Fail." Lay it at McCain's Feet by arodb
The New York Times has reportedthat efforts to save Lehman Brothers have failed, and that bankruptcy could be declared as soon as today. This could likely trigger a severe sell off in the stock market, and with other implications for the health of the U.S. Economy.
The law that made this all happen was the Gramm-Leach-Bliley Act brought to you by John McCain and the Republican Party, with Phil Gramm McCain's ex-Campaign co-chair, and Secretary of Treasury Designate as prime sponsor.
- Breaking: AIG Bail Out by kissfan
Not really a whole lot to say about this.
- J.P. Morgan CEO on Board of Governors of Federal Reserve by Turing
The Federal Reserve Board has been screwing up the American economy for a long time now.
- Who let the banking weasels out? by FightersFate
Once upon a time, there was a nifty law called the Banking Act of 1935 but generally known to history as the Glass-Steagall Act. It was modernized (neutered) out of existence in 1999 by the Gramm-Leach-Bliley Financial Services Modernization Act - regrettably signed by Bill Clinton.
- Congrats! We now own AIG! by Emma1420
Apparently the Americans workers over at AIG were not fundamentally strong, give how the fed just announced an 85 billion loan to AIG, where the government now controls almost 80% of the company.