On Financial Meltdown

[seanorange]

I'm breaking the "no posting from work" rule because I'm listening to Bernanke talking to a House committee, and the subject is just too important.

This is what I'm hearing (paraphrasing and other liberties taken):

Bernanke: The free market has failed. Our non-bank financial institutions dug their own graves by taking excessive risks and losing

Comments

[aremisasling]

Well said, Orange, well said.

Meep

[seanorange]

There's a lot of sound and fury in that room, and I WANT to believe that just because they realize exactly what's happening to them that they'll do something else. I did hear some alternatives, but both Bernanke and Paulson were extremely dismissive. Only the plan that they came up with will work. Even when asked if they'd urge a veto, they wouldn't answer.

So I'd like to think that some sense will prevail, but history tells me to be pessimistic on this front.

~Sean

[theenigma42]

I don't often use this term but, "LOL!"
-KEiTH