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January 22, 2008

And then it all came undone...

It is the morning of January 22nd - world wide stock markets have been collapsing for 2 days. People are starting to realize that there is "no there there" - as in - there is nothing but paper and promises propping up billions of dollars of construction projects, investments, stocks, bonds, derivatives, etc. The US market was closed for the Martin Luther King holiday on Monday the 21st - so this morning in America should be very interesting.

Quote of the moment:

"The United States is so broke, its people at every level from the Federal Reserve on down don't know whether to shit or go blind. The homeowners cringing in the media rooms of their 5000-square-foot personal family resorts don't know how long they can stay put microwaving pepperoni hot pockets with the default clock ticking." Jim Kunstler

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