Global socialism arrives: "The world's major central banks banded together Thursday to flood global money markets with dollars, in hopes of taming one major source of the tensions rocking the financial system."

More: "The Fed will spray the dollars around the world via swap lines with other central banks who can then auction them in their own markets. The ECB, Bank of England and Swiss National Bank allotted a total of $64 billion for one day today."

Breaking the buck.

Journal headline taunts Luskin.

I suggested to Lisa that we buy WaMu. She asked why we'd want to own stock in another dying company. I said, not the stock, the whole thing.

Comments

[Spag]

You should be ecstatic, Ed. The revolution is at hand. Now you better hide all of your money before the government gets it. Or just maybe the elite will get to keep theirs.

[John D. Young]

It seems that to correctly use the word socialism some of this governmental rescue must be far broader than at the top with huge financial corporations. Currently what we have in play is massive corporate welfare (maybe with good reasons). Certainly democratic socialism (fully separated from any totalitarian political ties which has proven hard to accomplish) would require some significant financial rescues and support from the ground up and would place some debt relief, mortgage relief, general monetary relief in the hands of average people.

Keynes and Roosevelt created their "mixed economy" with relief at the top but also essential relief for those at the bottom and in the middle class. So far this is all top down economics and far from any historic notions of democratic socialism.

[John D. Young]

It seems that to correctly use the word socialism some of this governmental rescue must be far broader than at the top with huge financial corporations. Currently what we have in play is massive corporate welfare (maybe with good reasons). Certainly democratic socialism (fully separated from any totalitarian political ties which has proven hard to accomplish) would require some significant financial rescues and support from the ground up and would place some debt relief, mortgage relief, general monetary relief in the hands of average people.

Keynes and Roosevelt created their "mixed economy" with relief at the top but also essential relief for those at the bottom and in the middle class. So far this is all top down economics and far from any historic notions of democratic socialism.