Optimism

OK, we knew we were screwed. Actually, it has been apparent for a bit that we were really, really screwed.

Paul Krugman has an encouraging word.

Don’t panic about the stock market

Panic about the credit markets instead. Interest rate on 3-month Treasuries at 0.02%; interest rate on high-yield (junk) bonds over 20%.

This is an economic emergency.

The three month T bill actually hit 0.005% today.

We are totally #$&@ed.

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