Harlem Bubble Blues

I got the Harlem NY, bubble blues; The Euro's crashing, two by two; JP Morgan chase, is losing the race; Got the New York bubble blues.

In 2008, governments had not yet deployed their ‘big gun’ cures for the debt crisis. So they still had the firing power to squelch the crisis with a series of unprecedented rescues. Today, we have seen the rapidly diminishing returns — or outright failure — of nearly every possible stimulus plan, bailout deal or austerity measures known to man.

Furthermore, it was also reported today from a source within the Bank of England that the BOE is prepared for the unraveling of the euro. The source noted that the Bank is prepared to “play their part in mitigating the impact” of Greece, or other countries, exiting the Eurozone.

Again, the panic is currently spreading throughout Europe, and the very nature of such a panic in today’s economy implies that the panic will spread across the Atlantic too. However, that “contagion” can either be allowed to sweep Europe and the United States bringing all the social chaos of a banking collapse, or it can be blocked by the implementation of Glass-Steagall, a firewall separating obligations to investment banks, hedge funds and the like from legitimate banking deposits and obligations.

In other words:
Bubble bubble toil and trouble.