A couple of years ago, I created the acronym MOAB (for “Mother of All Bailouts”). I predicted that once started, it would “continue to grow uncontrollably”, but even in my worst nightmares, I didn’t fully anticipate this headline: Financial Rescue Approaches GDP as U.S. Pledges $12.8 Trillion. I have trouble imagining the enormity of one Trillion US Dollars. That is quite a pile of money. But $12.8 Trillion? To borrow a line from Bart Simpson: ¡Ay carumba!
JHB forwarded a link to this government psychology site: A Guide to Getting Through Tough Economic Times. But I have a much better suggestion than just some psychological platitudes: Read the Bible and pray hard! To understand Christian faith, I recommned starting by reading the Gospel of John.
Janet sent this: Dig in: Market won’t get much worse
Items from The Economatrix:
New Signs Emerge Showing Recession May be Nearing Bottom
Dow Jumps Above 8,000 for First Time in Two Months
G20 Gives $1 Trillion to Fight Global Crisis
Obama Hails Summit as “Recovery Turning Point”
G20 Leader in Talks to Bury “Free” Markets
G20 Summit: Leaders Target Bankers
Weimar 1923 May Have More Lessons than US 1932
Russia, China Cooperate on New Currency Proposals
G20: US Dollar Funeral, US Failed Debtor
Soros: If G20 Fails, Global Depression Ahead
Credit Card Write-downs Hit Record High
US Private Sector Axes 742,000 Jobs in March
Layoffs Nearly Triple Last Year’s Marks
Ban Ki-moon (UN Secretary General): I fear a looming catastrophe
Red Alert: Redefining the Global System “These summits are not just about photo-ops and handshakes. Taken together, this array of diplomatic meetings constitute the greatest density of decision points in the modern world since the summits that brought about the end of the Cold War….This is not a debate that will be resolved by the end of this summit (if at all), leaving G-20 members and the struggling economies watching from the outside with the impression that they have little choice but to fend for themselves in this severe economic environment.”