The next big shoe to drop in the US economy is commercial real estate. It’s going to be as bad or worse than residential, and many of the same suckers/bankers/taxpayers will be on the hook big time.
And of course Treasury is working on it, so we better hide the spoons…
About the only good news to come out of the G-8 summit is the certainty that most of the assembled leaders’ bodies will be 2 degrees centigrade or more colder by 2050.
You wonder when these guys are ever going to find out something useful, like the location of Osama bin Laden or what to do about the worst economic downturn in 70 years.
“Call in the call girls and boys”, Gorilla says, “They know what’s really going on!”
Shock, shock! There’s no agreement on climate change at the G-8 summit!
So, it’s back on the jets and into the limos for global leaders everywhere.
The Europeans want us to do more, we want the Chinese and Indians to do more, and so everyone does nothing more.
What’s curious to Gorilla is why our green President is now directing his regulators to pursue “speculators” who have allegedly jacked up the price of oil.
Heck, even Paul Krugman smells a rat!
Shouldn’t we be encouraging the highest possible prices for fossil fuels, rather than passing toothless frauds like Waxman-Markey?
Wouldn’t that do more to help reduce global warming and carbon consumption than any number of canapes served by the likes of Berlusconi?
