A crushing but meaningless blow.

15 September 2008

House of Cards

Bear Stern collapsed six months ago. Fannie Mae and Freddie Mac were taken over by the federal government last week. Just this weekend Lehman asked the Fed for backup and was refused, now they are moving towards liquidation. Merril Lynch sold itself off. AIG, after refusing a private buy-out, is also asking for Fed assistance, but has been turned down as well.

Drip drip drip.

Seems like it's all falling apart, doesn't it?

And here we are talking about lipstick on a pig.

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