Monday, September 29, 2008

Watch Over Yourselves

Ah Wachovia. They're not gonna Watch Over Ya. Should have used that advertising slogan while they had the chance, they won't now, as they're being taken over. Yes the global financial meltdown continues. Only a few months ago the arguments seemed to be about whether or not what was happening could technically be called a recession, which requires two 'quarters' of 'negative growth' in succession (funny that this isn't even seen as jargon, as though it's a perfectly acceptable way to speak), but now the world seems to have renounced its reticence at applying such terms and settled on 'global finanical meltdown' as a perfectly acceptable, even ordinary, way to describe what's happening to major banks, mortgage providers and to the financial infrastructure that had dominated the world and proclaimed itself invincible. now, it has to be faced, that form of capitalism is over. it's dead. even a piece in the irish times thinks so. i'm sure somehow it will limp on and perhaps even eventually be reborn in another form, but for the good of everyone on the planet, let's hope not. a 700 billion dollar 'bail-out' package has just been defeated by the US Congress, massive banks have been nationalised (though no-one in the US seems to recognise that term, still too squeamish) or simply gone to the wall, and today US and European shares dropped by the largest amount in a single day ever. face it. it's over. on to the next.


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