Sept 18th, 2008

[pasithea]

Neat article.

http://www.youtube.com/watch?v=_NMu1mFao3w

I guess that proves what the right wing has been gibbering about for all these years. I mean, isn't this proof positive that unregulated capitalism is SO much better than socialism?

Isn't it! Come on guys! Scream it loud enough over and over and over and over and it'll HAVE to be true, won't it!

If you need it explained: http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-at-2pm-on.html

Comments

[sci.livejournal.com]

Damn, so that's why my Rule The World torrent never finished downloading.

[centauress.livejournal.com]

Not all the numbers on this jive, the dates specifically, but the drawdowns are what took out WAMU, for instance, they lost 4.5 billion n a few hours to depositors pulling out and had to shutter.

This is just telling us that it was much larger.

[cortezopossum.livejournal.com]

That's a pretty scary clip -- not sure about the comments people are saying about the numbers not adding up though.

What I have to wonder is -- if people are pulling out 500 billion (or ultimately 5 trillion) .. it has to go 'somewhere' -- would it be invested somewhere else or would it just line pocketbooks? If you pulled out 5 trillion in one part of the economy and put it into another that would certainly be a major change but not necessarily a catastrophic one.