Oct. 9th, 2008

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Love the start: exciting, dark chord progression over which a barrelhouse piano rollicks. Then the melody enters as if this intense beginning hadn't existed, though the bass keeps dancing and pumping, interrupted by occasional moments of dreaminess. Mostly this is sing-songy, though with formal complexity, as the verse runs through several parts, and then we fade out on a harmonica and a vamp, just as if this had been a regular old country tune.

http://www.myspace.com/maritlarsen
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Here - in full, including editing attribution - is an article posted several minutes ago by Reuters:

Paulson Considering Bank Injections: White House
By REUTERS
Published: October 9, 2008
Filed at 12:00 p.m. ET

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson is "actively considering" capital injections into troubled U.S. banks, White House spokeswoman Dana Perino said on Thursday.

"These capital injections are something that Secretary Paulson is actively considering," Perino said at a press conference.

(Editing by James Dalgleish)
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I AM TYPING IN CAPITALS BECAUSE EVERYONE AGREES THAT THE BANKS NEED CAPITAL AND I AM DOING MY PART.

OK, I've done my part. Happy Day Of Atonement.

The intro

13 leading economists from all walks of economics - and ignorant me has even heard of two of them (Eichengreen, DeLong) - say,

Without rapid and coordinated action by G7/8 leaders, this financial crisis* could turn into a jobs crisis, a pension crisis and much more...

Policy makers must move boldly to stabilise the financial system. The basic elements are:

--A quick bank recapitalisation with global coordination
--A guarantee of deposits and/or loans with global coordination
--Further, coordinated macroeconomic stimulus.

All the authors agreed on the first, many on the second and a good number on the third.


The essays

*It's a financial crisis, a jobs crisis, a pension crisis, a floor wax, a dessert topping...

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Frank Kogan

July 2025

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