Getting there but not there yet

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVclVtXIfsRQ&refer=home

Oct. 10 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson said the U.S. will buy equity ``as soon as we can'' in banks and other financial institutions to restore market stability and revive economic growth.

The Treasury is ``working to develop a standardized program that is open to a broad array of financial institutions,'' Paulson said at a press conference after a meeting in Washington of finance ministers and central bankers from Group of Seven countries.

The injection of equity would be aimed at sustaining banks and other financial institutions through the worst credit crisis in seven decades. Paulson declined to give a timetable or details about the purchases, and signaled that markets may be in for turmoil ahead.

``We're going to do it as soon as we can do it and do it properly and do it effectively and right,'' Paulson said. ``Trust me, we are not wasting time; people are working around the clock to deal with this.''

I think that he gets it now, but they've wasted quite a bit of time. Do we hear anything now about reverse auctions? You tell me.

http://www.nytimes.com/2008/10/11/world/asia/11china.html?hp

Who Says Capitalism Is Dying?
Some good news:

"BEIJING — Chinese leaders are expected to allow peasants to buy or sell land-use rights for the first time, a step that could draw hundreds of millions of farmers more firmly into the city-centered market economy.
The new policy, which is being discussed this weekend by Communist Party leaders and could be announced within days, would be the biggest economic reform in many years and would mark another significant departure from the system of collective ownership and state control that China built after the 1949 revolution."

Read on.

Who says capitalism is dying?

PARTY LIKE ITS 1929
(melody 1999, Prince)
The artist: WilliamBanzai7

I was dreamin' when I wrote this
Forgive me if it goes astray
But when I woke up this mornin'
Coulda sworn it was Wall Street judgment day
The S&P was purple and the DOW was gray,
there were traders runnin' everywhere
Tryin' to run from the destruction,
U know I didn't even care

CHORUS
say say Dow heads down to zero Wall Street party over,
oops out of time
So tonight I'm gonna party like it's 1929

I was dreamin' when I wrote this
So sue me if I go to fast
But Wall Street is just a party, and parties weren't meant to last
Paper losses is all around us, my mind says prepare to fight
So if I gotta die I'm gonna watch Cramer tonight

CHORUS
say say Dow heads down to zero--Wall Street party over,
oops out of time
So tonight I'm gonna party like it's 1929

intro 2x
Lemme tell ya somethin'
If U didn't come to party,
don't bother knockin' on Paulsons's bailout door
It's burning a hole in his pocket,
and baby he's ready to ask for more
Yeah, everybody's got an unhedged bomb,
we could all die any day
But before I'll let that happen,
I'll dance my investment banking life away

Oh, they say
say subprime securitization party over,
oops out of time
So tonight I'm gonna party like it's 1929
say say DOW heads down to zero party over,
oops out of time
So tonight I'm gonna party like it's 1929

we gonna, oww

1929
Dont ya wanna go 1929
Dont ya wanna go 1929
Dont ya wanna go 1929

Thanks, hot-shot Wall Street types for wrecking the economy. Thanks, government, for helping your hot-shot friends while people who are actually responsible for their finances get thrown under the bus. Thanks, people who lived off credit to live beyond your means, for your part, too. I just hope that "honest" people who aren't in debt and actually save a bit of money each month are not further damaged by this mess. Maybe the government should reward those who actually have not contributed to this economic meltdown. Wishful thinking, I know. The money was never really there, as far as stocks ... they are just the guess of the day of what a share is worth, so we're crying over something that was never real to begin with, until you cash out. Hopefully a global response will help and address both the banks and what is needed for job creation.