About the Situation on Wall Street

Quite a few good articles on different aspects of the big crashes. An excerpt from this one: "What makes me laugh - ruefully, I assure you - is when our office seekers trot around the country promising "accountability" for Wall Street. Lehman just went bankrupt - in a market economy, things don't get more "accountable" than that. What everyone wants to know is how serious the current situation is. Step back from the ledge, and for goodness sakes ignore Senator Obama's ignorant hysterics. What we have now is a market correction. Firms that made poor decisions are being devoured by the market's unforgiving nature. Today the Dow is steady, the American economy having easily withstood the shock of the weekend's events.

Another good comment here. It starts: "Democrats have spent more time investigating Sarah Palin than they have the crooks in their own party who are responsible for the financial crisis!"

Another comment includes this excerpt: "Fannie Mae and Freddie Mac were run by Clinton cronies who received millions of dollars from the organizations. Democrats were in bed with these companies and refused to listen to George Bush when, in 2003, he "recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago"

My comment: It all started out with the Democrats pressing the banks to lend to blacks -- regardless of whether the blacks looked like good risks or not. The banks did as they were told and passed on the risks to the financial sector generally. The result was entirely predictable.

Posted by John Ray. For a daily critique of Leftist activities, see DISSECTING LEFTISM. For a daily survey of Australian politics, see AUSTRALIAN POLITICS Also, don't forget your roundup of Obama news and commentary at OBAMA WATCH (2). Email me (John Ray) here