CNN in all out spin mode right now

Originally posted by buddhasystem
Look,

it's also true that the 700bn is not really the projected loss to the taxpayers, it's the sum to acquire bad debt.

It's actually $700b - $152b. Remember the economic stimulus gift to the taxpayers from George Bush? The $152b figure could have been much higher, but there are so many folks out there who hate the president, and so they didn't fill the form.
(Yeah, right.)

I must add, once more, that public service news broadcasts here in Sweden are pretty good. They speak the minds of the general public and won't stop investigating until the truth is revealed, but what I really grow tired of are the economists and economic spokesmen who so stubbornly tries not to admit that the stuff has hit the fan big time.

I mean, come on, spill it! We all know what is happening. Why not unleash the Fenris already!? Stop that velvet talk; "yeah, there are some turbulence on the market right now", "yes, the economy is in a low for the present time being", "we see a negative trend right now"... It just makes things worse to try to calm the masses because they will go about business as usual and furthur engulf the issue in flames instead of giving it the long awaited blow of mercy and abandon the entire system.

Last night, the head of one of our major banks, Swedbank (the first one to hit the tarmac) tried to down play the entire situation. The news anchor grilled him hard and he became more and more stressed (too bad he didn't crack, I'd love to see that) but he stood his rotten ground stating that "all is well. Maybe we see some darkness in the present but there is absolutely nothing to be worried about". He fought to keep his costumers (the subject was that the bank was losing a major ammount of its members).
Next day- Swedbank stock went down 17%
Nice work there... It's so funny it aint funny.

[edit=typos, there are probably more of them, sorry]

[edit on 30-9-2008 by Raud]