Update to the scary chart of the day

http://www.calculatedriskblog.com/2009/02/job-losses-during-recessons.html

an awesome clip from the McLaughlin Group

Thursday Sept 18 Must read of the day

http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-at-2pm-on.html
The day the US Banking system almost collapsed.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

Wow, Just wow.

9.7 Trillion

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

Does this sounds bad to anyone?

The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.

And they (Congress) wonder why we hate the bailouts.

The difference between

http://www.economicroadmap.com/2009/02/running-dry.html
A depression and a recession is Famine. Things are taking a turn for the worse in China.

Why we may another 40% to go.

http://www.moneyandmarkets.com/stocks-to-fall-at-least-another-40-here%e2%80%99s-why-29613

The major US money center banks will be nationalized.

http://jessescrossroadscafe.blogspot.com/2009/02/when-will-big-us-moneycenter-banks-be.html

I agree why have we not done this?