"Give me your money, or your economy gets wacked!" That's been the theme for the past week as the fed, the gov't, and the administration seeks a $700 Billion that amounts to the handout of the century. Everyone claims some unthinkable calamity if we don't just hand it over. However, nobody is specific. If our president had a shred of credibility left (think yellow cake in Africa), people would be running on the banks this morning after his ultra-gloomy, anti-reassuring sales pitch last night. It's a good thing that nobody believes him.
I have been thinking all week of who or what the bogeyman is that Paulson and Bernanke must be whispering in the ears of congress to sell such a plan. And, I think I've got it. The most significant player that could crush our economy in an instant, the Chinese. Just a theory, but perhaps the Chinese, tired of buying our paper (that keeps turning into toilet paper) signalled that we either clean up our act quick, or Treasuries would hit the market en masse. Now that would cause a true calamity.
Deal Close On Mother Of All Bailouts (AP)
Bernanke Close To Another Rate Cut (Bloomberg)
Hunters Point, Willets Point Projects Move To City Council (Curbed)
Gowanus Bldg Updates Anti-Corporate, Anti-Wall St. Tags (Curbed)
A-Rod's Pad On The Market For $14Mil., Looks For A Double (Observer)
Wind Farm Considered For Queens Coast (Queens Crap)
UES: Eli's Gourmet Shop Now Adding 1.8% Energy Surcharge (NY Times)