Officials close to Paulson are privately painting a far bleaker portrait of the fragility of the global economy than that advanced by President George W Bush in his televised address last week.One Republican said that the message from government officials is that "the economy is dropping into the john." He added: "We could see falls of 3,000 or 4,000 points on the Dow [the New York market that currently trades at around 11,000]. That could happen in just a couple of days.
"What's being put around behind the scenes is that we're looking at 1930s stuff. We're looking at catastrophe, huge, amazing catastrophe. Everybody is extraordinarily scared. It's going to be really, really nasty."
Peter Spencer, economic adviser to the Ernst & Young Item Club, said: "This is the time you have to bail people out and ask questions later. It is very difficult to see how the US banking system would survive without that.This has the potential to make 1929 look like a walk in the park."
The worst one-day fall in Dow Jones history was the 1987 crash, which saw the market lose 22 percent of its value. It quickly bounced back. If we saw that kind of crash on Monday, the Dow would lose about 2,200 points -- rather less than this anonymous Republican is projecting. If you're going to church tomorrow, it would be good to pray for stability. Not kidding.
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Lord Karth,
Who watches television? I only go in for the occasional TV series, and then I watch DVDs of only that series. House is my current favorite. I don't intend to own a TV. Just a nice computer monitor I can watch movies and the occasional Cubs game on.
Phyrro,
Limmer boots has off the shelf ones available. I'm tracing my feet as soon as I can find a printer around here. Unit's packing up everything to be shipped home. By sea. Which is awesome, don't get me wrong, but I need a printer...
It looks like the bailout tanked (but not by much). The Dow is down 500-and-change.
"Now that the imagined terror has become real, dendrites, adjustment is possible."
-----James Blish, "The Duplicated Man"
Your servant,
Lord Karth
The Dow is down 500-and-change.
Time to buy!
Pray for stability? Mammon is indeed the God of the Amercan Christophiles. Thanks for making it painfully obvious, Rod.
>t would be good to pray for stability. Not kidding.
So... how does that work? If your god gets enough prayers begging for stability then he'll let it / make it happen? If he doesn't he won't? If it's the right thing to do why won't he do it without people asking? Is he lazy? And instead of stability why doesn't your god just magic up a self-sustaining and regulating economy for the whole planet? Why just a patch when he can release a whole new version?
Theism is so weird.
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