"I truly fear for our economy and our system the next several days."

[swag]

Across the Curve by John Jansen:

I am not sure that one can have an orderly liquidation of a company which has been around for a century and a half. This is confirmation,proof positive that we live in a most troubled time. One week ago we watched and cheered( I did )as the Treasury rescued FNMA and Freddie Mac.

That effort provided only the briefest interlude of calm in the markets. There is some historic climax to this series of crisis lurking just around the corner. At every twist and turn in this year long saga the result which has ensued has always been the worst case scenario. We are ,I believe, headed for a very very ugly end to this story.

Government has not been able to hold bank the forces which have taken down financial giant after financial giant. Capitalism demands pain. Good risk is rewarded and imprudent risk is punished. We were engaged in an orgy of imprudent risk taking for nearly a decade and now a heavy price will be paid for the violation of so many simple and common sense precepts of trading.

I truly fear for our economy and our system the next several days.

Meta-commentary from economist Mark Thoma: He has thirty years of experience on Wall Street. That last sentence has my attention.

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1. I have the same fears and nobody including Obama

really wants to talk about these real serious problems. I am wondering if the memo went out to them to avoid any mention of the dire straights we really in for fear of causing a panic. How in the hell can McCain even be within 20 points of Obama? Considering the mess we are in Obama should be double digits ahead nationally and be ahead in like 49 or 50 states. I just can't comprehend the stupidity of the American people.