Friday, September 26, 2008

Notes from before the second Great Depression


"May you live in interesting times" is an interesting curse (or complement) and it certainly applies today. I find myself wanting to preserve this moment for posterity. It will be fun to look back after we know what happens after Americas':
  • nationalization of Fannie Mae and Freddie Mac (basically the mortgage industry)
  • bailout of American International Group, Inc. (AIG)
  • largest Bank failure in history (WaMu)
  • failure, purchase, or conversion of every investment bank on Wall Street
  • a government ban on short selling
  • republicans arguing amongst themselves about nationalizing banks, creating new government regulations and agencies, and spending $700B of taxpayer money
  • all in the middle of fighting wars on two fronts and an election campaign