Folks, don’t give up on this great country!

September 18, 2008

From Der Spiegel:

Things got worse after the markets closed. Washington Mutual, America’s fourth-largest bank, announced that it had started the process of putting itself up for sale. The Wall Street Journal reported that both Wells Fargo and the banking giant Citigroup were interested in taking over the battered American savings bank.

And then came the announcement that would dominate all of Thursday’s market activities: Morgan Stanley — the venerable Wall Street institution and one of the last two US investment banks left standing — had lost massive amounts and was fighting for survival. Media reports were saying that it was even in talks about a possible bail-out or merger. Rumor had it that possible suitors might include Wachovia or China’s Bank Citic.

China?

“Folks,” economist Larry Kudlow, a host on the business channel CNBC begged his viewers that evening, “don’t give up on this great country!”

Read the article, the world is coming to an end on Wall Street. Even if our economic hegemony collapses, we still have virtues. Hollywood. MTV. Jay Leno, and more. Now, has anybody jumped out of a window yet?

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