Monday, September 29, 2008

This eclipses the '87 crash in a way

The TED spread, a measure of how much fear there is that the bank you are trusting with your money may default on you, has reached a record high, eclipsing the panic in the wake of the '87 stock market crash. Someone needs to lift the cap on federal deposit insurance to fix this.

5 comments:

thudbear said...

Scott . . .

Many thanks for being a voice of reason these past few weeks when the world appears to be going into the dumper. We could use a couple dozen like you up on capitol hill in these shaky times.

Keep it coming!

Jerry Moss

Scott Grannis said...

Thanks, very kind of you!

CDLIC said...

My guess is if those like Scott had any say regarding what must be done to clean up the mess on Capital Hill, the first order of business would be to dismiss Congress for good...but I indulge in fantasy at times :)

CDLIC

Scott Grannis said...

Congress' fingerprints are all over this subprime crisis, but they are doing their best to avoid the blame, pointing instead to "deregulation" and Wall Street greed. It's shameful, really. I would love to throw the bums out. But not everyone, as there are some up and coming Republicans (mostly sponsored by the Club for Growth) that are really outstanding.

Lynn W said...

Interesting to review how the vote went yesterday. Not one single yes vote from Tenn. or GA. And in SC, my excellent Cong. Barrett voted a lonesome No. Late yesterday, my son from Tenn. called to say, "Well, Mom, your friend Scott Grannis says the world won't come to an end, and nobody in Memphis is even paying attention because their finances are always a wreck."