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robdverity 05/07/2010 08:54 PM Report
Hope the early rumors pan out that Citigroup is a contributing culprit to the 998 point drop in the Dow Jones.
Citi is a particularly egregious putrescent scumbag institution.
REMant 05/07/2010 01:18 PM Report
The only thing the markets want to know is whether someone is going to cover the debts of ppl who get into trouble. That, however, does not put those ppl back to work. And is pretty short-sighted. We can't grow our way out of this, nor, certainly do we want inflation. Mr Biggs and the rest of Wall St may. Bernanke probably does. But nobody else in his right mind should, and I should have thought this idea put to rest when it was argued in the early '30s. Inflation has never benefited anyone but speculators and then only in the short-term. I would have to regard Greece something of a Bear Stearns. We were, BTW, in a much, much stronger position in 1947 than we are now, much as China's, and we did the same things as they are doing, but, there is no doubt that in the process of helping the world recover from the war, we transformed ourselves from the world's greatest producer and lender to its greatest consumer and borrower.