“I’m not saying Secretary Paulson is Lex Luthor. I’m just saying $700 billion is exactly enough to build a death ray.
- Tim Siedell

Canada posts C$9.6 bln budget surplus in 2007-08 | Reuters. Our debt is $550 billion. In contrast, the bailout package in the US is for $700 billion.

house rejects bailout


From this graph, I’ll let you guess when the U.S House of Representatives rejected the Wall Street bailout.

Government Seizes WaMu and Sells Some Assets - NYTimes.com. Glad I didn’t move my banking over to Wasington Mutual. This might finally put a sag in Seattle housing prices.

Talks Implode During a Day of Chaos; Fate of Bailout Plan Remains Unresolved - NYTimes.com. this sound like an episode of The West Wing

Argentina’s Economic Collapse. hour long documentary about the economic collapse. every time i see stuff about argentina it reminds me to open a forex account in a place like switzerland.

The end of Wall Street may mean less profit for Goldman, Morgan - MarketWatch. both applied to be banks on Sunday. So there’s literally no major brokerages left.

A Year of Heavy Losses - Interactive Graphic - NYTimes.com. a good grpahical explanation of the losses.

Diamond and Kashyap on the Recent Financial Upheavals - Freakonomics Blog. on why certain companies got bailed out and others did not.

Canadian Business Blog » $5.7 billion in bonuses. That’s what Lehman Brother employees got in 2007. 9 months later they were broke.

reportonbusiness.com: ‘In 1932 these big banks didnt go bankrupt. random comments from bankers, CEOs, and economists on the recent wall street bankruptcies.

Essay - Long-Term Capital - It’s a Short-Term Memory - NYTimes.com. Author of ‘When Genius Failed’ draws comparison to the Bear failure and Fannie/Freddie bailout.

Lehman searches for survival options - Forbes.com. are you fucking kidding me? how did i not hear about this earlier in the week?

Jim Rogers and Warren Buffett at Odds on Fannie/Freddie Bailout. Jim Rogers called the US “more socialist than China”.

Our phony economy - Harper’s Magazine. RFK summed this up quite well 40 years ago. via ram.

I.O.U.S.A. - Trailer. The inconvenient truth about the US economy

Consumer credit rose $14.33B in June “or at a 6.7 percent annual rate, to $2.586 trillion”. i think the US economy might just be running on fumes at this point.

Bloomberg.com: Loonie Loses Currency Wings as Canada Hurt by U.S. Some predictions of the USD getting back to $1.10 or $1.15 this year.

Bloggasm » Did This American Life affect the media conversation about the mortgage crisis?. post about how good This American Life’s piece was about the credit crunch.

Philip Greenspun’s Weblog » Fannie Mae bailout: Taxing America’s poorest citizens to help the richest. great quote in there about using decimation on the senior VPs.