I spotted this linked at Drudge: White House Agenda on Track Despite Worsening Deficits. ($9.3 trillion in deficits projected!) Just as I warned, the Mother of All Bailouts (MOAB) is becoming uncontrollably self-perpetuating. (“If Industry X is deemed worthy, then why not Industries Y and Z?” Down and down we’ll go–down the road to ruin.)
From reader HPD: GM, Chrysler May Need Additional Aid, Rattner Says
MVR flagged this commentary from the National Post‘s Terence Corcoran: Is this the end of America?
“N” mention a piece by Simit Patel, over at the Seeking Alpha blog: Fed Intervention, Market Response Confirm: We’re on the Path to Hyperinflation
Items from The Economatrix:
More details on the most recent bank failures.
E.L. mentioned a Marc Faber interview with the McAlvanys.
US Seizes Top Credit Union Clearinghouse “Regulators seized the top clearinghouse for U.S. credit unions, citing a critical deterioration in the finances of the provider of services to thousands of retail credit unions….It also seized Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with $23 billion in assets.”
The Big Takeover (Warning: Some foul language!) “The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution.”
Obama Price Controls Coming? Brush up on what wage and price controls were like under President Richard Millhous Nixon, in the early 1970s. An excellent book on the subject is: “Government By Emergency
Dollar Declines Most Since 1985
Hungary’s Prime Minister Quits Amid Worsening Crisis
Fears Grow as Taxpayers Just a Paycheck or Two Away from Ruin
US Banks Lost $32 Billion in Fourth Quarter
Collapsing Markets Expose Ponzi Scam Artists