A Giant Sucking Sound

Posted at WCNC.com

It's been a wacky day here in Charlotte as drivers scrambled to every pump in the countryside they could find...apparently all the pumps are going dry in the western Carolinas. Guns are being pulled out in York County. In Salisbury, N.C., Charlotteans bumped with drivers from Greensboro (doesn't driving 50 miles to get gas kinda defeat the purpose?).

Meanwhile, on the West Coast, another giant sucking sound appears. A $150 Billion sucking sound.

...I know what we need...We need Big ICE Palin to put a stop to all this nonsense!

Clarity

Alex Tabarrok:

"Banks are bridges between savers and investors. Some of these bridges have collapsed. But altogether too much attention is being placed on fixing the collapsed bridges. Instead we should be thinking about how to route more savings across the bridges that have not collapsed. Government lending may be one way of doing this but why lend to prop up the broken bridges? Instead, why not lend directly to the investors who are in need of funds? After all, if these investors exist and have valuable projects that's where the money is! Let the broken bridges collapse, taking the shoddy builders with them. Instead focus on the finding and rescuing the victims of any credit crunch, the investors who need funds."

In either case, David Leonhardt implores readers in NYT not get bogged down in distractions, such as changing bankruptcy laws and limiting executive pay and realize the crisis demands a "laser focus" to stabilize first credit markets.

The $1 Trillion Panhandler

PaulsonFreddieFannie, originally uploaded by robertodevido.

I Come to You, Cashmere Hat in Hand . . .

...Hey at least he dances for his money.