On yesterdays post - Here is an excellent juxtoposition of todays climate and the Great Depression, which are the words being bandied about by some journalists.
Also, the predictions were correct - the Fed will be bailing out AIG.
I do like the rumoured structure of the bail-out though - "purchasing" a majority stake and setting up a three-year sell off of certain assets and companies to pay the money back. It gives AIG the time to do what they would have done themselves without shaking up the market any more than necessary.
Hats off, Fed. Although I am noting Bernanke hasn't been named in any of the press-releases I've seen thus far.
Couldn't get out of a one room building
15 hours ago