Wednesday, October 8, 2008

Hump Day Reads.

Wednesdays have always been noted as being Hump day for millions of Americans whose work week is Monday thru Friday. Unfortunately, the slipping economy may erase this benchmark of the passage of time for many of those millions who stand to lose their jobs during this latest self-inflicted wound to our national psychic.

Let's be honest folks, Wall Street wolves, saw easy pickings that Congress and a passive war focused Administration placed on their doorstep. A few weeks ago an engineer here in California ran his train into an oncoming freight train and killed 25 souls, while he busily exchanged text messages with some youthful train buffs. Our government, both branches were busy sending each other the equivalent of text messages as our economic train crashed into reality. After the crash, the Congress and the Administration began behaving like two drunk drivers trying to say the other was driving.

The links below offer analysis and suggestions of what this will all mean for not only Americans but the global community. Later in a revealing post, Michael Barone calls attention to something that should raise a big question mark in everyone's mind.

Thomas Barnett offers his analysis of what he tags as the greatest system perturbation of this century.

How to view this system perturbation

Barnett opens with this:

The analyst in me detaches in fascination: the profound interdependency of global economics being asserted negatively, it makes everything that came before it (9/11, Afghanistan, Iraq, SARS/avian flu, tsunamis, Russia/Georgia) seem minuscule in comparison.

This is the financial Y2K of our nightmares: demonstrating an undeniable, inescapable connectivity that renders all fantasies of great power conflicts essentially moot. The "common wealth," as Sachs would put it, is simply made manifest.

Arguably, this is the first great, system-perturbing crisis of globalization, because it truly captures all the main players in a way that previous ones did not.

And filed this post earlier.
The more strategic analysis of the financial crisis emerges

Martin Wolf of Financial Times writes:
It is time for comprehensive rescues of financial systems

And looking beyond Wall Street, Michael Barone, of U.S. News and World Report, filed this report on October 8, 2008.
Immigration and the Mortgage Meltdown

Wall Street Journal has this graphic to illustrate their report.

Closing out the evening is Zenpundit who was kind enough to add a previous article of mine to a post he entitled: Sturm und Angst Politischen ├ľkonomie

Victor Davis Hanson has this lesson about Wall Street.
Wall Street 101

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