Timeline:
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courtesy of NYT
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Source:
White House Philosophy Stoked Mortgage Bonfire
JO BECKER, SHERYL GAY STOLBERG and STEPHEN LABATON
NYT, December 20, 2008
http://www.nytimes.com/2008/12/21/business/21admin.html
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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December 21st, 2008 at 9:49 am
Barry,
What about the timeline for next year?
http://www.speroforum.com/a/17305/US-debt-approaches-insolvency
http://www.nytimes.com/2008/12/21/your-money/401ks-and-similar-plans/21retire.html?_r=1&ref=business
December 21st, 2008 at 2:15 pm
Does anyone honestly believe President Bush has even the slightest understanding of what’s going on?