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Monday, March 17

What I Know About The Economy ...

you could probably fit on the head of a pin with room left over for some angels to do a reprise of Riverdance, but I do know a few things.

I know that direct intervention by the Federal Government is probably NOT the right way to go about things, especially in what is supposed to be a laissez-faire conservative Republican administration.

I know that JP Morgan has tried to bail out the stock market before, in 1929, and failed miserably, but now it's doing it with taxpayer dollars provided by the Fed.

I know that the Fed subsidizing $30 billion of Bear Stearns' worst exposure (backing bad paper with my money, thank you) is probably wrong.

I know that watching the Hang Seng drop 5% last night after Morgan bought Bear Stearns for a ridiculously low sum was like an anal douche of ice water for those who still delude themselves that this economy is not in a recession.

I know that after watching President Pollyanna of Sunnybrook Farm go on about the economy, I know with the sick feeling one gets as that little tropical low turns into a Cat 4 hurricane, that We Are Well And Truly Screwed.

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