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On the contrary - the "fire" is lack of liquidity and they've been pumping liquidity like mad for a year.

They removed the firewalls with the repeal of Glass-Steagall and this is the result.

Note that Phil Gramm was one of the sponsors of the repeal bill and he's rumoured to be slated as McCain's Treasury Secretary. Note also that Clinton failed to veto the repeal.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Mon Sep 15th, 2008 at 06:58:15 AM EST
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