Alice stepping through the looking glass
At some point this year I feel that this country stepped through the looking glass.
In Alice’s case, outcomes preceded events, cakes were passed out before being cut, and destinations were reached by walking in the opposite direction. In the case of the U.S., companies apparently strong are in reality weak, Bear Stearns got tossed to the wolves (apparently no one forgot it had refused to play ball back during the LTCM crisis), we have the Fed handing out money in exchange for trash, investors and traders have suffered through arbitrary rule changes, investment banks have morphed into commercial banks, the world’s largest insurer looks close to failure, GM maybe doesn’t have enough money to make it past December, American Express will become a bank holding company, and so on.
To use another metaphor, perhaps America’s economy really is like a Tom Hanks romantic comedy… The Money Pit.
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