I am watching an absolutely fascinating show. Frontline “Inside the Meltdown” An amazing and strong look at how wall street collapsed last year. If you dislike Henry Paulson, this show gives you more reason to. It points the finger directly at him for the failure of Lehman, which in turn caused all types of issues. including a run on money markets. The most important words here are “Moral Hazard” And I will say only three more words about this show.
Watch this program.
The Stimulus was signed today with much fanfare, and I am pleased to see that work with money from the Stimulus has already begun.
But there are more money woes out there, the big three needing up to $39,000,000,000, The market saw the stim signing, and the auto news, and all the other things going on around the world, and decided that today was a good day to sell. The DJIA dropped almost 300 points, and the S&P dropped below 800 points. Things now are almost as bad as they were in November.
This is going to be a short blog tonight, I am laid up on the couch, unable to get to the computer i normally use. I really have no capacity to get to it, put on my back by the injury to my right ball…. which may be a hernia, but may also be an infection. I’ll find out on Friday. The pain was excruciating, and has since somewhat calmed.
I’m not pushing it though.
A second viddy, a few quotes and I am done.
The viddy, from Bloomberg TV this morning, with Delphi Management President Scott Black.
That’s it for me. Later!
Today’s Nuggets, By Benjamin Franklin, via Wikiquote: As we enjoy great advantages from the inventions of others, we should be glad of an opportunity to serve others by any invention of ours; and this we should do freely and generously.
Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.