When Will the Economic Carnage End?

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Things are getting bad, worse by the minute.  There is no path to emancipation from this current crisis.  We are all slaves to something ominous that most don’t understand.  Life as we know it is spiraling out of control and all we can do is have faith that Henry Paulson will have prudent stewardship over the “rescue.” 

I am not reassured.  I get the sick feeling that there is something bigger afoot that I don’t  see.  The chaos or incompetence theories don’t hold water.  Slowly, this horrible machine that is the bailout is gobbling up financial institutions and now there is talk about the Big Three automakers.  Insurance companies, American Express, what is next?  When will this nightmare end?

My notion is that this will all end when the same people who created this crisis have what they want.  When the pieces are put into place, they will turn the ship around.  It is cynical, I agree, but does anyone really believe any of what they are saying? 

At first it was the lunatic fringe of the gold brokers who were warning of the MadMax scenario, not we are seeing these same ideas coming from the financial establishment.   Former Goldman-Sachs chairman John Whitehead had this to say,

I think it would be worse than the depression. We’re talking about reducing the credit of the United States of America, which is the backbone of the economic system.

He goes onto say,

I just want to get people thinking about this, and to realize this is a road to disaster. I’ve always been a positive person and optimistic, but I don’t see a solution here. [1]

Scary stuff.  Makes you wonder what tomorrow will bring.  Time to turn the television off and think about what is important.

1. http://www.reuters.com/article/Finance08/idUSTRE4AB7HT20081112

 

 

 

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