…it looks like it’s time to short Washington Mutual.
Canadians should be thankful for the essentially risk-averse nature of Canadian banks. If anything gets us through this shitpile, it’s going to be that.
Another one? Christ. It’s started over here (in Britain) as well. This is not looking good.
I’ve heard it said that the best thing for this situation is for the government to buy up assets and either resell them at a lowered price or socialize them for a time being until the market stabilizes. But I honestly don’t know if that would work. I mean, honestly, my grasp of economics is not advanced enough to know exactly what that would do.
Oh, I for one am glad that our banks take few risks. I see what’s happening right across the border, and I have family in Britain.
I’m still trying to figure out how some conservatives can be so in favor of businesses laying off employees at will and letting market forces make or break companies, as well as insisting in a small, poor government that keeps its nose out of companies’ business… except when they don’t like what the market is doing to their favorite companies (made possible in no small part to the deregulation and anti-oversight measures they themselves insist are the best ways to manage the economy), at which point a big, nosy government spending billions on bailouts and buyouts is suddenly the best thing since sliced bread. How can the rabid anti-Communists/Socialists suddenly be in favor of government-owned, government-run companies?
And given that McCain (and now also Palin) are still insisting that the economy is fundamentally sound and doing just fine, and McCain’s grand economic plan was authored by Senator Gramm, who was personally responsible for passing the deregulation and keeping open the loopholes that led both to Enron and now this, why aren’t his poll numbers dropping faster than they already are?
Actually, if I’m recalling correctly, it’s too late to short WaMu. I don’t think you’re allowed to short stocks selling below $5, which WaMu is under by a considerable amount.
It appears here in britain that justice is returned to the finance systems. the bank that made this awful run of adverts http://www.youtube.com/watch?v=uEVjbosMqFM has collapsed 🙂
Dusty: Well, not totally. HBOS is merging with Lloyds, not being taken over, so the adverts could survive.
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