The – 777.68 Point Plunge

Bailout compromise bill fails. Dow subsequently plummets by a record figure (nine-eleven-shmine-eleven). TSX also plummets by a record figure, throwing a wild card onto the Canadian election table. All this capped off a day in which global markets took a major league ass-whipping (most of which, it should...

Naomi Klein: “The bomb has yet to detonate”

http://www.youtube.com/watch?v=uCHBLt-w9wE Naomi Klein discusses last week’s chaos on Wall Street, and how Treasury Secretary Hank Paulson’s proposed $700 billion bail-out plan fits the ‘disaster capitalism’ model. (Video courtesy The...

Faced with the Mortgage Crisis, the Investor Class Acts to Protect…Itself

Neil Irwin wrote a piece in today’s WaPo on Treasury Sec Henry Paulson’s response to the mortgage crisis that is so glowing with praise it could probably be seen from Mars with the naked eye, assuming there was a naked eye on Mars. This crisis, precipitated by a mostly unrestricted financial...