Don’t miss Paul Krugman’s blog this evening. Highlights:
- On George Bush addressing the nation: “Please go away” (By the way, this is what presidents always do during crashes. It never works. The only difference between these presidential pronouncements and the usual crash presidential pronouncements is that Bush has stopped saying “the fundamentals are sound.” Which tells you how unbelievably awful things are.)
- On the Treasury’s belief that “liquidity is the root cause of the problem.” No it isn’t.
- On why people are selling stocks: Because prices are falling. (This, by the way, is why people were buying stocks through October last year. In fact, it’s why they usually buy them.)
- On how to fix the problem: Coordinated global… Recapitalization of banks Guarantee of bank deposits Fiscal stimulus
- Recapitalization of banks
- Guarantee of bank deposits
- Fiscal stimulus
(All this weekend, if possible).
See Also: McCain Outperforms The DOW