World Bank chief economist/Nobel Laureate/Smart Guy Joseph Stiglitz comments on the bailout bill at Democracy Now. His basic take: it's like giving someone suffering from internal bleeding a blood transfusion. It has to be done, but if the bleeding (the foreclosures on the property market, from what I gather in a rush reading) isn't stopped, the patient will die.
Labels: amy goodman, bailout, democracy now, economy, joseph stiglitz, us economy, us politics
Ok, so the US economy is "collapsing". I'm not an economist, but that can't be good. The DOW dropped 300 points in 10 minutes this morning (2.3 %), and the stock exchange in Oslo was down 7 percent this morning, as well, I heard.
Will the U.S. financial system collapse today, or maybe over the next few days? I don’t think so — but I’m nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next.
Labels: economics, economy, oslo stock exchange, paul krugman, us economy, us politics, wall street, we're all doomed
