Sometimes You Just Gotta Say Crap...

Oh yeah, it's definitely titanic time. 

From Paul Krugman's blog:

as I understand it, when the Titanic hit that iceberg, at first the crew didn’t think it was so bad. The ship’s hull was divided into watertight compartments, and not enough of them had been ripped open to sink the ship. But the flooding from the initial hole tipped the ship, and the compartments were open at the top, so that compartments that hadn’t been ripped open by the impact of the iceberg started filling up, tipping the ship even more, flooding more compartments …

Remind you of anything in the news lately?

From Marketwatch

Rates on three-month bills, among the most popular assets for investors seeking higher quality, plunged to 0.06%, the lowest on record. [This means that people would rather earn next to nothing than invest in anything else - because of the fear that investing in anything else will actually cause you to lose value.]

Finally, from Naked Capitalism:

The U.S. Treasury said it will sell bills to allow the Federal Reserve to expand its balance sheet, a day after the government agreed to take over American International Group Inc.

"The Treasury Department announced today the initiation of a temporary Supplementary Financing Program at the request of the Federal Reserve,'' the department said in a statement today. "The program will consist of a series of Treasury bills, apart from Treasury's current borrowing program.''

In other words, the Fed has run out of money... it is BROKE.

And the Dow down more than 400 points for the day.  I guess $85 billion isn't worth what it used to be.

It's time to sink or swim, baby, sink or swim.

Comments

[teahouseblossom]

Uggg..this is so scary.

I believe we need another FDR.