And this is today. And today sucks.
The Dow closed down 449.46 points. That’s a net of 812 points (7.1%) down for the week. Housing starts are at a 17 year – that’s seventeen year – low.
Perhaps most upsetting is that our banking system is being nationalized under our noses. This is not a good thing, folks. I understand that a case could be made for the Fed bailing out Bear Stearns and then Fannie Mae and Freddie Mac and, finally, AIG. But this really means that the Government is now running those financial institutions.
We’ve talked about the looming fascist shift in this country before. This move, nationalizing the banking system, brings us another (giant) step closer. Was it warranted? Were there other options? Are you concerned?