Our financial system is crumbling this week.

[AWvsCBsteeeerike3]

The Dow is down another 400 today. WEEEE

It's like a roller coaster.

roller coasters at least go back up and get you back to where you started

In case you didn't notice, it climbed back up north of 13K, no? Then came plummeting down as roller costers are wont to do.

[Michael]

An interesting article about our current woes.

[Hungary Jack]

An interesting article about our current woes.

It makes the salient points.

I know that fiscal austerity is the last thing we need right now with unemployment so high, but I am actually somewhat grateful to the Tea Party and S&P for bringing the whole federal spending issue to a head. It is easy to shoot the messengers, but I have been worried about our fiscal habits for better than 20 years. There really needs to be a meaningful policy discussion on this subject, even it means delaying policy decisions until employment rebounds.

A few things that really hit home:

Think of me as an angry moderate who's finally fed up with the lunacy and incompetence of our alleged national leaders -- and with people stirring up trouble from which they hope to benefit politically or financially

I called former Federal Reserve chairman Alan Greenspan the "Wizard of Oz" when he was known as the "Maestro."

We need more jobs, more growth, and more tax revenue. Note that I said more revenue, not higher rates. There are lots of proposals kicking around that would cut rates, eliminate the alternative minimum tax, and broaden the tax base by drastically reducing itemized deductions. Only about a third of taxpayers, primarily higher-income types, itemize deductions, so only they would be affected. Do this right, and you end up with more tax revenue from high-income people (which allows the "tax the rich" types to be happy) but lower rates (which lets the Tea Party folks claim victory). Making the system fairer should be doable.

[Arthur Dent]

It's a lot of bluster to come to a pretty milquetoast proposal. Especially one that completely fails to mention the most important issue driving long term deficits.

[cards2468]

I can't believe you just used the word "milquetoast"

[planet planet]

http://www.thedailyshow.com/watch/thu-a ... de-is-over

[slide_into_first]

Well solar stocks keep getting pounded the only exception being Solar Power SOPW which is going sideways which is a feat in itself. Another stock absolutely beaten to death for months is Clearwire CLWR and for some reason doubled this week from 1.50 to 3.00- I know they have a reputation for poor service, anybody know why they could be going up? I wouldn't necessarily buy CLWR here it could re-test the low 2's, but something scared the crap out of the shorts this week.

[Transmogrified Tiger]

Well solar stocks keep getting pounded the only exception being Solar Power SOPW which is going sideways which is a feat in itself. Another stock absolutely beaten to death for months is Clearwire CLWR and for some reason doubled this week from 1.50 to 3.00- I know they have a reputation for poor service, anybody know why they could be going up? I wouldn't necessarily buy CLWR here it could re-test the low 2's, but something scared the crap out of the shorts this week.

There's rumors that Sprint will be buying them out.

[Freed Roger]

but I am actually somewhat grateful to the Tea Party and S&P for bringing the whole federal spending issue to a head. It is easy to shoot the messengers, but I have been worried about our fiscal habits for better than 20 years.

Yeah but don't you think it's more than a tad disingenuos? S&P obviously missed the boat on the ratings issue that mattered. And the Tea Party -well..more phony and queerer than a 3 dollar bill. I don't think you need me to provide examples. The fact that people are at least thinking about it now, I agree, is good. But it's a scam.

[Hungary Jack]

but I am actually somewhat grateful to the Tea Party and S&P for bringing the whole federal spending issue to a head. It is easy to shoot the messengers, but I have been worried about our fiscal habits for better than 20 years.

Yeah but don't you think it's more than a tad disingenuos? S&P obviously missed the boat on the ratings issue that mattered. And the Tea Party -well..more phony and queerer than a 3 dollar bill. I don't think you need me to provide examples. The fact that people are at least thinking about it now, I agree, is good. But it's a scam.

I don't follow the Tea Party but I am amused by the antics of some of their standard bearers (ie Bachmann), as well as the amount of invective they incur from the left. It's like two neighbors who hate eachother screaming at eachother from their porches while the rest of street looks on and wonders what the [expletive] is going on between the two crazies at the end of the block.

I think it's more about shooting the messenger than the message nowadays.