Hey! Now wait just one damn minute, Paulson helped us steal you last week fair and square!

Early last week, Citigroup Inc. agreed to buy Wachovia's banking assets for $2.1 billion in a deal brokered by the FDIC. In a surprising twist of events, Wells Fargo announced Friday that it agreed to acquire Wachovia in a deal worth $15.1 billion at the time, or $14.8 billion based on Wells Fargo's closing price Friday of $34.56. Wells Fargo's deal did not require any government support.

It's getting to the point where you can't trust your own fix anymore, and if you can't your own fix, what have you got? Anarchy!

What if offshoring isn't the boon the corp execs expected? What if investment vehicles (read complicated boondoggles designed to move money from the middle and lower class into the upper class' pockets via expensively-furnished con jobs run out of the 'credit economy') really don't do anything useful?
Well, then you get what is happening now on Wall Street.
Which looks, to this un-initiate (thank you FSM) like the chickens coming home to roost.
Jared Bernstein is an economist. This is his take on it:

A statement from EPI senior economist Jared Bernstein on the financial market meltdown

“There’s a silver lining to this crisis on Wall Street, if we’re smart enough to recognize it. The markets are sending an unequivocal signal that we need to change the way we do business. That means greater transparency, more responsible lending standards, sensible capitalization levels, and, above all, a more balanced approach toward risk. To clean up the mess yet ignore this deeper signal would be fatal to our financial markets and our hopes for an ultimate recovery.”

Not all progress is forward, boys and girls. Read more…