SlorgNet on 03 October 2008
I'm becoming more and more pessimistic. The ruling elites of the US are a bunch of culturally illiterate, thieving crooks, whose only talents are creating catastrophic financial bubbles, stealing from the taxpayer, and starting illegal and unwinnable land wars in Asia. They've driven this country into a ditch, so it's not likely they'll spend the $700 billion on where it should be spent - recapitalizing the bank system, then taking over failed institutions, firing bankers, and weeding out the bad loans.
Right now, the problem is that the interbank loan system is frozen. Noone is lending to anyone else. Nouriel Roubini has the best all-round analysis of the mess we're in:
http://www.rgemonitor.com/blog/roubini/
