Wake Up, The Credit Crisis Is No Hoax

    By Ripper on Mon, 09/22/2008 - 3:35am |
    As I have said before in other posts, I do not endorse any specific government response to the credit crisis. I do, however, believe there is one.

    Those who advise doing nothing but spin conspiracy theories of a massive hoax do us all a severe disservice when much truly is at stake. So let me ask them:

    Would Lehman Brothers surrender itself to bankruptcy if this were a hoax?

    Would AIG, the world's largest insurance company, agree to government control (especially knowing that government is likely to be run soon by Democrats) if this were a hoax?

    Would the government bother to take over the already quasi-governmental Fannie and Freddie, known to be incompetently managed and in dire straits, if this were a hoax?

    Would overseas markets react so fearfully if this were a hoax?

    Would the Russian stock exchange shut down for days after losing billions in assets—a full 10 percent of its value—if this were just an American hoax?

    Would Democrats not trumpet this from the mountaintop if this were a hoax?

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