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Run On The System: Black Friday
MIKE WHITNEY
COUNTER PUNCH
Friday, October 10, 2008
Stock markets across the world are in a state of hysteria. The tidal wave of sell-offs, which began when Henry Paulson announced the Bush administration’s $700 billion bailout plan for the sinking banking system, has swelled into a global tsunami racing round the globe. Shares fell sharply across Europe and Asia for the fifth straight day following a 679 drop on the Dow Jones. Nearly $900 billion was wiped off the value of U.S. equities in just one trading day. The Chicago Board Options Exchange Volatility Index, the “fear index”, soared to a record 64. Credit markets remain frozen. Libor, the London interbank offered rate, nudged up slightly on Thursday night, signaling even greater resistance to lending between the banks. Until there is relief in the credit markets, stocks will continue to slide. But trust has vanished. The 50 basis points rate cut that was coordinated with foreign central banks has had no effect. The market is being driven by fear and pessimism.
White House press secretary, Dana Perino said Thursday that President Bush will address the country on Friday morning:
“He will assure the American people that they should be confident that economic officials are aggressively taking every action to stabilize our financial system. The Treasury Department is moving quickly to use new tools to improve liquidity, which is the root cause of this problem.”
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Run on the system?
DonRobertsonNo way. I won't hear of it, a "run on the system".
What horrific rational flatulence.
The crooks are still making money on Wall Street. They made big money again today stampeding both up and down reckless traders that are in way over their heads.
There are any number of practices on Wall Street that allow the entrenched big money insiders to steal money, and Hank Paulson just closed the biggest deal of his life and got them 700 billion dollars more to steal that came as a loan from the American taxpayer.
This is NOT a run on the system.
This is greed is good business as usual.
Don't fool yourself for one minute. You're not looking at any Wall Street traders jumping out of windows this time. They learned their lesson in 1929. They make money on the way up. And make even more money on the way down!
The corruption is systemic. And Wall Street is having a field day right now at YOUR expense.
They are laughing all the way to the bank. AIG is laughing all the way to the bank. Every bank in the country is laughing all the way to the bank.
"A steep recession is one hell of a good time to be rich," that's what all these crooks are thinking as they head off laughing all the way to the bank.
And there are plenty of people on Wall Street making themselves even richer on this so-called run on the system!
The only way to make a run on the system is to shut it down.
Otherwise you're just being played for the sucker the system was invented to screw.
Whatever happened to Ronnie RayGun?
EasterlingWhy is it we hear no mention of RayGunomics/VooDoo Economics? RayGun 'The Great White Dope' script reader who is Lionized by his adoring legion of worshippers as usual gets all the credit and none of the blame. What is truly amazing is the scam that is RayGunomics managed to pull off a 30+ year bamboozle of the sheeple earning trillions for people who did little more than move money around and invent new bunko schemes to seperate the fool from his/her hard earned money. Think derivatives. Calculus used as a cover to rob trillions.
LIVE FREE OR DIE
BANK OF AMERICA
jintampaWell...here are 2 interesting things that happened to me 2 days in a row with BANK OF AMERICA....Yesterday I got a call from our new PERSONAL BANKER. We used to have one a few years ago. I haven't heard from them in all this time and this person calls me up and introduces herself and started asking a lot of really really nosy financial questions.....I lied about a lot of stuff of course. And today,I just got back from there, I tried to cash a check that was endorsed over to me...we have two accounts there and 3 mortgages and they wouldn't do it...I had to deposit the check!!!!!!!!! WTF?