A systematic, chain reaction meltdown has started in the world of finance, the type that I predicted a week ago would result after Fannie Mae and Freddie Mac collapsed and were nationalized. That’s two out of the five major investment banks in the United States knocked out in one day, the third one, Bear Stearns, fell apart earlier this summer. Â In addition to the above, AIG is begging the Federal Reserve for 40 billion dollars. I don’t think they’re going to get it. That means the 18th largest company in the world is about to collapse as well. Some experts say that Goldman Sachs and Morgan Stanley are next. The derivatives market had an emergency Sunday trading session set up by the Federal Reserve so that some could get out from under the Lehman disaster, something that is unheard of. This trainwreck also means that John “I don’t know much about the economy” McCain and Palin have already peaked, I predict, in how close they will ever come to getting the White House. Within a week we will be nostalgic for hideous “kindergarten sex education” ads and fake “lipstick on a pig” controversies.Â
 UPDATE: The White House has erected a strange screen blocking the media’s view from the street of the entrance.
Any guesses as to the reason? I think it’s for top finance officials from foreign governments not to be seen tomorrow as the enter for negotiations, or a diversion for the media while those same people sneak in through another entrance like the EEOB.
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