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Uncharted Territory

Well here we go. The House of Representatives has rejected the so-called bailout bill. As a consequence, as of now, the country’s markets are in free fall. Here is the latest from the New York Times:House Rejects Bailout Package, 228-205; Stocks Plunge This is a moment of great importance. I am not sure that many […]

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An American Crisis

The current crisis threatening the economy has been called a financial crisis, it has destroyed the entire investment banking industry, led to the nationalization of several major financial businesses, and is now causing a stolidly Republican administration to organize a safety net for banks that may cost $700 billion. This all seems entirely financial, but […]

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The End Of Capitalism?

It’s easy for ‘old timers’ like me to get all reflective at this moment of supreme chaos in the financial system. But allow me to pass on this comment from Irwin Kellner: Brave new world for financial markets – MarketWatch I remember Kellner from back in the dull days before deregulation. He makes the comment […]

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