Now this is a creative response to the current “global credit crunch.” All the more remarkable because it is proposed by a Republican administration and flies in the face of Republican economic orthodoxy. U.S. May Take Ownership Stake in Banks [New York Times]. Are they thinking out of the box or just out of their minds? Today’s fall in the stock market to below 9,000 suggests the latter, but I still believe this is just a symptom of herd mentality run amok. Or at least I hope so.
