True, it was just Columbus Day -- not the four-day bank holiday that FDR declared upon taking office. Still, yesterday's bank holiday, like the more famous one, allowed forceful government intervention -- this time in the form of world-wide government investment in banks -- to calm the nervous investor.
New York Times columnist Paul Krugman, who won the Nobel Prize in Economics yesterday, says we have the Brits to thank for this bold move, and that Treasury Secretary Paulson is just now playing catch-up after muddling the last few weeks. Politico mused last month whether Bush will go down in history as the new Herbert Hoover. Economics isn't just for nerds anymore; it's hot dinner-party conversation. Need to understand it really fast? Listen to the fascinating economic primers on "This American Life."
Here's your history and economics thread. Hit us with your heaviest thoughts. The only thing we have to fear is pomposity itself.
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Comments (12)
In these historic times, having accepted the nomination for the presidency of these United States, I would like to declare today Walleroo Day. After last week's rollercoaster ride, we all need a respite from the vicissitudes of the market and time to savor yesterday's 11 percent rise in the Dow, which otherwise would disappear like a summer morning mist on Tuolumne Meadows. Hear ye hear ye! Don't ring that opening bell! The markets are closed by executive order!
Shit, they rung the bell.
We're screwed. Run for the exits! Sell!
Sarah Vowell did this routine last week on the Daily Show.
No one has ever remarked on walleroo's cominc originality, MMM. Many of us know better.
I was referring to the FDR Shtick.
It's still applicable.
You mean somebody else has declared this Walleroo Day? Holy cow!
Happy Walleroo Day to all!
No, holy marsupial. But today remains first and foremost the feastday of Pope Saint Callistus I and Saint Gaudentinus of Rimini.
At midnight, everyone must run outside and howl, "Wallerooooo!" into the darkness.
Yes, I have a note here on by BBerry to say prayers for Callustus I and Gaudentinus of Rimini (not to be confused with his cousin, Gaudentinus of Bayonne, who to this day holds the world's record for hot dogs eaten in one sitting -- 1,323!).