Anyone watching Wall Street this week knows that it is extremely unstable and that an aura of diminished value has set in.
The DOW won't go down to 0, but it may very well go below the predicted 7500.
The sobering reality that a harsh recession is on the world's back is clear.
This reminds me of the old Chinese slogan - "Be pessimistic in times of plenty, and be optimistic in times of famine."
Reuters: Political alarms ring as panicked markets dive
The Treasury, which has already committed half that sum ($700Billion) to nine of the largest U.S. banks, was studying how it could give relief to bond and mortgage insurance firms under the programme, two sources familiar with the deliberations said.
Washington may also bail out the car industry. General Motors has intensified negotiations to buy Chrysler's auto operations, but intends to seek U.S. government support for any deal, people familiar with the talks told Reuters.
2 comments:
I was of course just kidding about going west to shop. It's more like to find a nice tent site where it's warmer then NJ. Oh well, it's kind of ironic isn't it? When I lived as a student in Ca. 40 yrs ago Tim Leary was shouting TURN ON & DROP OUT! Go live in a commune back to nature yada yada yada blah blah blah. Poor Tim too much acid and way too much time on his hands. I met him once on the beach in Laguna @ a believe it or not private acid festival. It was a magical moment actually doing acid with Tim Leary and swimming @ night through waves of iridescent glowing algae. Very very what was the word Psychedelic indeed! Now I make my less then triumphant return and I might indeed one day get the opportunity to really DROP OUT ! ( maybe Booted out is more like it.)
GK you have quite the history.
Leary was interesting. I think he had an epiphany about our complete involvement with our "reality." Somehow he was able to imagine beyond it. He tried the drug thing, I think if he had met some masters he might have gone that route. He had no path to go on so he made one up.
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