{"id":20464,"date":"2016-05-07T18:07:40","date_gmt":"2016-05-07T23:07:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20464"},"modified":"2016-05-07T18:08:17","modified_gmt":"2016-05-07T23:08:17","slug":"20464","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20464","title":{"rendered":"The Cure is Worse than the Disease"},"content":{"rendered":"
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The Cure is Worse than the Disease\u00a0<\/a><\/h3>\n<\/div>\n
A Week to Remember<\/strong><\/div>\n
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Today we look back to the recent past with singleness of purpose.\u00a0 Context and edification for the present economy is what we\u2019re after.\u00a0 We have questions\u2026<\/p>\n

How come the recovery has been so weak?\u00a0 Why is it that, nearly seven years after the official end of the Great Recession, the economy\u2019s still mired in a soft muddy quagmire?\u00a0 Squinting, focusing, and refocusing, there\u2019s one particular week that rises above all others.<\/p>\n

\"Hank<\/a>Hank the scaremonger \u2013 in meetings behind closed doors, he\u00a0threatened Congressmen with financial apocalypse and even martial law<\/a>\u00a0if they didn\u2019t hand over $700 billion in tax payer money with essentially no oversight. This has been independently confirmed by several Congressmen. Griffin\u2019s \u201cThe Creature from Jekyll Island\u201d is often decried as \u201cconspiracy theory\u201d by establishment shills, but it inter alia contains an eerie prediction of practically everything that eventually happened in 2008.Photo credit:\u00a0Talks at Google<\/a><\/p>\n

On Saturday September 20, 2008, Treasury Secretary Hank Paulson delivered a draft of the Troubled Asset Relief Program (TARP) to Congress for review.\u00a0 If you recall, it had been another wild week.\u00a0 On\u00a0Monday, September 15, after 158 years of operation, Lehman Brothers vanished from the face of the earth\u2026Dick Fuld, \u201cThe Gorilla,\u201d be damned.<\/p>\n

All week the sky relentlessly fell on financial markets.\u00a0 Even money market funds were in full panic.\u00a0 In fact, a record\u00a0$169.03 billion<\/a>\u00a0of capital had vacated money market funds in the week ended\u00a0September 17.<\/p>\n

That same day, the Wall Street Journal\u2019s\u00a0headline<\/a>\u00a0was, \u201cU.S. to Take Over AIG in $85 Billion Bailout.\u201d\u00a0 On top of that, the Primary Fund broke the buck \u2013 falling to $0.97 cents a share.\u00a0 The SEC also went so far as to impose a 10 trading-day ban on short sales of 799 financial stocks.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Cure is Worse than the Disease\u00a0 A Week to Remember Today we look back to the recent past with singleness of purpose.\u00a0 Context and edification for the present economy is what we\u2019re after.\u00a0 We have questions\u2026 How come the recovery has been so weak?\u00a0 Why is it that, nearly seven years after the official […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,384,10609,11763,670,2119,1796,861],"class_list":["post-20464","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-great-recession","tag-hank-paulson","tag-mn-gordon","tag-recovery","tag-tarp","tag-us-congress","tag-wall-street-journal"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20464"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20464\/revisions"}],"predecessor-version":[{"id":20466,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20464\/revisions\/20466"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}