Is the economic crisis accelerating?

With new bank failures today and bad news from BofA and Citi, the continuing announcement of major layoffs even after millions of jobs have been lost, one wonders if the TARP whatever you think of its motives, has been effective at all, or if any of the other attempts to stop this have.

I’m not even sure the news that California’s controller would hold tax refunds today was a mere stunt. He has done a few stunts in his time, but maybe they really don’t have the money. I’m not sure how many people rely on their state refunds to make a difference, but this is something at least that will get noticed.

Can California ask for the TARP money? It should. Big Time. California represents appx. 13% of U.S. GDP. As such, it’s worth covering the $44B budget shortfall of the state to ensure the skids are greased in the state’s nearly $2T economy.

I don’t think we’ve hit the bottom yet. Hold on to your shit.