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Roubini, Stiglitz and Paulson

October 1, 2008

As the world goes down the drain and congress rejects the bailout plan I went to buy a whole tank of gas and get some extra for the road to Canada. Or perhaps somewhere else? Is there an end to American overspending and maniacal greed? What caused this crisis? Is it the archetypal Wall Street short-seller or JP Morgan executive running the economy, or Joe Sixpack with $30,000 in credit card bills and a nasty house in the suburbs which he can’t afford and is now worth half of what he bought it for?

Hard to say. Nouriel Roubini from University of New York is a dissenter, favouring direct bailout of mortgage holders, while the former Clinton chief economist Joseph Stiglitz favours a different kind of bailout based more on individual bailouts as well.

On a more personal note, the system was still grinding on on Monday when I got approved for a HSBC credit card not to spend it but to just let it sit and accumulate a better credit score. So go figure, a credit crunch.

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