Some economic crisis links (10.15.2008)

Stock prices collapsed again today, according to the New York Times, presumably in response to the bad news about the retail sector (see this) and the real economy in general.

Bloomberg and Naked Capitalism (here and here) inform us that banks receiving 'government cheese' can treat their gifts as, well, gifts! This looks to be just another credibility enhancing gesture for Secretary of the Treasury Paulson. Also credibility enhancing were Paulson's gangster methods for getting the banks to agree to participate in his latest plan. As Yves Smith points out, "[e]arly in his career, Paulson was a staffer for John Erlichman. It appears that imprinting stuck."

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