Aviv

"REYKJAVIK, Iceland: This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financia l meltdown." - Aviv via Bookmarklet

Iceland - meltdown *snicker* - Mark VandenBerg

Seems like everyone's been getting high on easy credit... - .LAG

I think tonight's debate may have set it in stone for many of them. I personally wait on the debates to even pay attention. Everything they say before that that mattered will be covered again in the last 1.5 months leading up to the election. - xero

Election is next month, btw ;) - Aviv

"We are living in the most reckless financial environment in recent history. Arcane credit derivative bets are now well into the tens of trillions. According to Charles R. Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will come crashing down with it." - Aviv via Bookmarklet

When it's back down to $1.00 a gallon, then its cheap :) But it's all relative, what good is gas when there's no food - Bwana McCall

Sigh. I miss the booming economy, peace, and cheap gas. - Steve Lynch via twhirl

I'm with @Bwana, it's not cheap until it hits $1/gal again. It was under that for what, 30-40 years? Then in less than 10 quadruples? On the upside, all of those plummeting stocks have made several people quite wealthy, in liquidity anyway. - xero

almost... 85 points away... let's see - Aviv

Closing at 9963 and rising. Quite the rally at the end. Tomorrow should be a fun ride as well - Bwana McCall

10,000.98 - Bwana McCall

"Describing how ideology, special-interest pressure, populist politics, and sheer incompetence have left the U.S. economy on life support, the author puts forth a clear, commonsense plan to reverse the Bush-era follies and regain America’s economic sanity." - Aviv via Bookmarklet

CNN doing its part in fueling the bank run. - Aviv

"A collapse of HRE – which has a €400bn ($550bn, £310bn) balance sheet and is one of Europe’s biggest commercial property lenders – would be the biggest bank failure in modern Germany and would have repercussions throughout Europe." - Aviv via Bookmarklet

"Iceland's economy is on the brink of collapse, after the krona fell 27 per cent against the dollar last week. The fall sent fresh shockwaves through the UK financial system, as Icelandic banks have invested billions in the British economy." - Aviv via Bookmarklet

"The Icelandic government is believed to be considering a bailout plan after it was revealed the three largest banks have liabilities eight times greater than the country's GDP." - Paul Buchheit

Maybe if they call it a 'rescue plan' it will be easier for the Icelandic people to stomach. It seemed to work for America anyway. - Aaron Krug

O’Dear. We all know that the country has been flying to high for a long time. But this is very serious and the consequences can be direr. - ivanandersson

I was wondering how stable Wells Fargo is in this whole mess... - Amit Morson

"In fact, the current economic woes look a lot like what my 96-year-old grandmother still calls "the real Great Depression." She pinched pennies in the 1930s, but she says that times were not nearly so bad as the depression her grandparents went through. That crash came in 1873 and lasted more than four years. It looks much more like our current crisis." - Aviv via Bookmarklet

Well they did react in the end - but in the wrong direction! I bet they didn't see that one coming.. - Aviv

""It will cost more to solve this problem today than it did two weeks ago," said Buffett, referring to when Treasury Secretary Henry Paulson's first proposed that Congress help rescue Wall Street, which has seen the collapse of Lehman Brothers and Bear Stearns and the sale of Merrill Lynch. "It's that bad. If we don't get it solved next week, I may go back to delivering papers."" - Aviv via Bookmarklet

cash as in dollars, or gold? i'm siding with buffet over everyone i've read on the internet. - paulm

paulm, US treasuries and CA muni bonds. I have been thinking about getting some GLD, but looking for a better price. Buffett was a big cash proponent up until his recent investments. I'm still dubious. I'm thinking Dow at 8500. - Chris White

"The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression." - Aviv via Bookmarklet

Mike - the bailout was a stunt intended to instill confidence in the public that the markets are now stable and that the economy is back on track. It backfired. - Aviv

They have done trillions of dollars of this over the past few months. This is my point. Bailout bill is microscopic compared to the problem - it is an illusion, like airport security - designed to LOOK like you're doing something, all while doing nothing. Makes people FEEL better. - Anthony Citrano

I'll have to get right back to ya! - Lindsay Donaghe

"Yes, but can you see Russia from your house?" - Steven "Snake" Perez

"Mr Biden, who else was on television during the Revolutionary War in 1912" Brace yourselves. The sheer amount of "DURR" to come across the airwaves tonight will be deafening - Bwana McCall

And of course, the last line in the article is a reminder that as of 2006.. "The Fed no longer publishes figures for M3." (read: too large to print) - Aviv

If these increases are any indicator, the $700 billion requested for the bailout plan will quickly triple. - Aviv