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Tuesday, November 25, 2008

Great line of the day 

From Ian Welsh in Welcome To A Paper Economy:
. . . welcome to a paper money economy, where the wheelbarrows of virtual cash are trundling straight from the Fed and Treasury to the banks, to disappear into a bottomless hole.
Yes, I had wondered about this, too -- as Welsh points out, all of these supposed billions aren't actually helping the economy stabilize or improve.
I believe we are seeing another Emperor- has- no- clothes situation -- remember when Karl Rove was going to manage the rebuilding of New Orleans? Well, that's about how well Paulson is managing the rebuilding of the economy. I heard Rachel Maddow joke yesterday, "300 billion, 600 billion, gee, soon we're going to be talking about real money!" Yeah, any day now.

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