As oil prices plummeted OPEC decided, as it does, to defend $100 dollar a barrel oil. That'll keep the money flowing smoothly toward Saudi Arabia and others. Unless of course China, Europe, and especially the US continue to financially decline. Which is almost assured at this point and will continue to decrease oil usage and by cause the prices per barrel.
GM share fell to lowest level since 1950, which really isn't a surprise. The company at this rate will probably be nationalized to continue the US's continued slide to lower standards, socialization, and more of Atlas Shrugging under the weight of the world.
Mark my words, it is a global economy but the US was still not in a position to fall and have the rest of the world survive such an event without massive repercussions. We're seeing evidence of that fact all over the world right now.
In more socialist agenda news, Paulson continues moving forward tepidly, and has started pondering capital injections into troubled banks. Either Paulson is going to get the credit in the history books for "saving the economy" during this time or he'll be recorded as butchering the "mixed mode economic" system of the time. He and the reserve chairman continue to do little to stem further dollar value reductions, to stop the flow of value out of the country, and other such negative impact events for the United States. I know, "he's trying", but in this situation our vastly lower standards for public office are shining brightly right now as failures abound.
Short-sale ban ends and Morgan Stanley shares plunged. However this is exactly as I've said, short selling stops corrupt, misguided ideas or efforts, bad merges, and many other things of this sort. Of course short sells, just like stock purchases, can be used to wreck companies by very powerful and very wealthy individuals too. But it merely is another tool in the investor's tool chest. In this particular drop for Morgan Stanley a lot of it has to do with a questionable deal with Mitsubishi UFJ Financial Group. If they're anything like the Mitsubishi Car Company (it could be they have zero to do with them, they might just be held under the Mitsubishi heavy industries umbrella).
Also while about reading news upon the web I found this article or blog entry, Credit Crisis Update: An Inside Look at the Commercial Paper Debacle. I find it interesting that such simple explanations are available. I also find it interesting that a mere year ago, many that were raising the warning flags and sounding the klaxons of alarm, these people were looked at as missing the boat or being a little unaware of reality. These experts, which is what they really are, were far more in touch and of course like a newborn baby, sometimes the idiots have to learn for themselves. The problem though lies in the fact that this generation hasn't learned this pain yet, and thus jumped head long straight into this catastrophe.
Even with all of these simple explanations of how things work around the Gen Xers of the doltish category pushed us headlong with their gusto for not understanding. Hopefully we'll learn and not repeat this debacle anytime soon. There are far too many things for Generation Y to fix already that the Xers and the generation before completely screwed up on. We Gen Xers have only added to the fire for the Gen Yers to fight. I imagine also, it will be a serious fight.
So that's it for my links of the day. I'm off for a lunch meeting and some other tidbits I intend to get finished today.