Thursday, March 5, 2009
Today I Am Afraid
I jumped the fence today, acquired my own personal cloud over head, and realized my glass is actually half empty. Today the fingernail that was connecting me to the end of the hope rope broke. I am now officially frightened of what is ahead. The market sensed it also, as today was a brutally ugly day, gobbling up yesterday's aberration and spitting it out all over a big pile of losses. The FDIC has now declared itself teetering and was forced to draw blood from the thoroughly letted banks. It seems the 40-50 bank failures over the last year coupled with the commitment to insure up to $250,000 has placed our remaining security blanket near the fire. I am now readying the Sealy-posturepedic and booby trapping my cookie jar.
If the government doesn't nationalize the banks soon, we will fall into the abyss. They will take over a lot of fictitiously valued assets and in the long run undoubtedly lose money. But to wait and let the system slip into a coma will be devastating and the draining of confidence will be difficult to recapture. Market economics has been benched and anybody who still decries the role our government must take is a blind ideologue.
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