still with that fucking financial system

September 18, 2008

Like Akhbar and our presidential candidates, I am ill suited to explain what is happening to our financial system.  In fact, if someone challenged me to ‘explain the American financial system in fifty words or fewer’, I think my answer would be ‘I don’t think I can even make it to twenty’.  Fortunately the WSJ has written a primer on the crisis – unfortunately, it’s titled “Worst Crisis since ’30s, With No End Yet in Sight.” The title accurately conveys the tone.  A quote: “Goldman Sachs economists’ optimistic scenario is a couple years of mild recession or painfully slow economy growth”.

Equally bleak is a roundup from naked capitalism.  A sample of the horror that lies therein: “Kenneth Rogoff, in a Financial Times commentary, said that the US needed a trillon to two trillion dollar bailout.”

I’m keeping my money in the market.  I expect to lose, but joining the stampede is weak.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: