It's the Economy, Stupid


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.

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