And it's ROYALLY FUCKED.
Business Week describes the simultaneous bankruptcy filing by fourth-largest investment bank Lehman Brothers, the decision of Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to let Lehman fail rather than structure a bail-out, the firesale of Merrill Lynch to Bank of America, and the announcement of a radical restructuring plan for insurance giant AIG as a "perfect storm." That's encouraging.
Meanwhile, Greenspan says the US is "mired in a 'once-in-a century' financial crisis which is now more than likely to spark a recession." Awesome!
Welcome to your clusterfucktastrophe, America. Hope you enjoyed those tax cuts.
Shakesville is run as a safe space. First-time commenters: Please read Shakesville's Commenting Policy and Feminism 101 Section before commenting. We also do lots of in-thread moderation, so we ask that everyone read the entirety of any thread before commenting, to ensure compliance with any in-thread moderation. Thank you.
blog comments powered by Disqus