Our Plan Is Working

Yes, those glorious great super-dee-duper geniuses just want you to rest assured that their super intellectual nuanceitivity is working to perfection, as of course it must. They said they’d spend their way out of that recession they inherited from the previous Administration and by gum they sure have spent us out of it! Enough of this “almost” seditious gun-clingy-religiosity, you haters.

The problem is…where are we now?

(Reuters) – Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down 2.2 to 2.5 percent at 0915 GMT (5:15 a.m. ET) on Tuesday, pointing to a steep decline on Wall Street.

World stocks tumbled on Tuesday, with Japan’s Nikkei losing 3.1 percent and European shares down 2.8 percent in morning trade, hit by renewed worries over the euro zone banking sector after the Bank of Spain’s rescue of a savings bank over the weekend, and by a report that North Korean leader Kim Jong-il has ordered his military to be on a combat footing.

Throw in the fact that US government debt continues to expand faster than Kirstie Alley at a Dunkin’ Donuts…

Analysts said the combined sell-off in equity and credit markets, along with the relentless rise in dollar funding costs, was threatening to hobble the financial system a little more than a year after pulling out of the subprime mortgage crisis.

Noted Tax Cheat and U.S. Treasury Secretary Timothy Geithner told future Chinese leaders that the Obama Administration will cut its budget deficit once it is sure the economy is safely growing. The future leaders told him his routine beat the shit out of anything they’d heard from Leno in years.

The euro is down to 1.2190 right now, btw.

Well, at least French wine and cheese will be cheaper.

9 Responses to “Our Plan Is Working”

  1. Yojimbo says:

    Not too bad yet. This thing stablized about four hours ago and hasn’t gotten progressively worse. I was up a good deal of the night watching this so you wouldn’t have to. In late Asia and early Europe trading it was looking like a cascade but not so much now.

  2. Mr. Bingley says:

    Cascades are not fun.

    Oh sure, as mountains they’re just spiffy; otherwise, not so much.

  3. Mr. Bingley says:

    ouch, down 380 already.

  4. Gary from Jersey says:

    Insta linked to an analysis yesterday that German banks on near collapse because they own a mountain of European and South American government bonds.

    This might explain why the government was leery of the Greek bailout: big-time damage from falling exports (Mercedes and BMW are in enough trouble already) which could prompt Germany to bail on the euro and go back to marks.

    This could create the mother of all cascades and really cheap French wine.

  5. Mr. Bingley says:

    oops, not that bad yet, only down 251 …MSN was using the wrong settlement from yesterday

  6. Yojimbo says:

    Cascades are not fun but it stopped cascading about 2 AM my time this morning. We probably don’t have more than 500 DOW points left in this decline basis this mornings low. This ain’t the big one yet. We’ll have to wait a couple more years for that pleasure probably. The middle two quarters of ths decade are not looking too muy bueno.

  7. tree hugging sister says:

    Back off the DUNKIN DONUTS, Bingley! They didn’t cause this, you health food fascist BASTARD!

  8. JeffS says:

    Who cares about the cost of French wine? Will Australian wine remain low cost?

  9. sheri says:

    So much HOPE. And CHANGE. Oh it’s just all working out so very well.

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