Everything’s Melting Down

It’s getting bad when “the light at the end of the tunnel is the train” may in fact be the best-case scenario

SOMA, Japan – Japan’s nuclear crisis deepened dramatically Tuesday. As safety officials sought desperately to avert catastrophe, the government said radioactive material leaking from reactors was enough to “impact human health” and the risk of more leaks was “very high.”

In a nationally televised statement, Prime Minister Naoto Kan said that radiation has spread from four reactors of the Fukushima Dai-ichi nuclear plant in Fukushima province that was one of the hardest-hit in Friday’s 9.0-magnitude earthquake and the ensuing tsunami.

…A cascade of three explosions at the Fukushima Dai-ichi nuclear complex was set in motion when last Friday’s quake and tsunami knocked out power, crippling the cooling systems needed to keep nuclear fuel from going into full meltdown.

Japanese markets are getting pummeled

Asian shares tumbled Tuesday as Tokyo’s stock benchmark plunged 10.6% on panic selling amid worries that a possible nuclear catastrophe in Japan would further complicate and endanger the nation’s recovery from its worst earthquake on record.

The Nikkei Stock Average finished 10.6% lower at 8,605.15 after sliding more than 14% earlier in the day, pressured by news of explosions at Tokyo Electric Power Co.’s Fukushima Daiichi nuclear power plant’s No. 2 and No. 4 reactors, on top of previous blasts at the Nos. 1 and 3 reactors.

and that is wiping out dearly needed capital for the rebuilding efforts to come. This is naturally spilling into our markets as well

* U.S. stock index futures dropped sharply on Tuesday, with futures for the S&P 500 SPc2 down 2.8 percent, Dow Jones DJc2 futures down 2.5 percent and Nasdaq 100 NDc2 futures down 2.6 percent at 0935 GMT, on mounting fears over Japan’s nuclear crisis.

But don’t worry. Our Enlightened Betters in Congress have a BOLD and INNOVATIVE plan to rescue the world economy by cutting somewhere between $6 and $60 billion dollars from our nearly $1.4 trillion annual deficit.

While our President goes golfing.


Heady stuff, folks.

3 Responses to “Everything’s Melting Down”

  1. tree hugging sister says:

    There’s a smidge of relief in the whsl gasoline prices tumbling as well ($2.79/gal right now). Haven’t seen that low in weeks ~ been in the $3.30+/- gal level, which translate to closing on $4 at the pump.

  2. Dave E. says:

    Given how President Present screws up when he actually does show up in the office, I’ve come to the conclusion that we are better off with him staying on the golf course.

  3. JeffS says:

    Golfing is no better than playing the fiddle.

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