Is Too Much Schadenfreude Bad For You?

It would appear that the denizens of Richistan are starting to figure out that things are screwed and they may not be able to afford the new solid gold deck chairs for their yachts.

"Money" (if you can call a runaway credit bubble that) is evaporating, China and Russia are threatening to bail on the U.S. dollar and things are unravelling as they should... or perhaps must is more like it.

The money quote:

"Forty percent of the world's wealth was destroyed in the last five quarters. It is an almost incomprehensible number," said Stephen Schwarzman, chairman of the leading private equity company Blackstone Group. "Business will be very different."

Read the whole thing here.

This makes me almost as giddy as reading about the Madoff scam.

Oh, and Linda McQuaig lets the banksters, as FDR dubbed them way back when, have it here, in a really interesting piece that ponders the immortal question: "Would the reaction be any different if unions had blown up our economy?"

And... it's always fun to watch a terrified neo-con sell his "convictions" down the river.

This really is better than Christmas. And I didn't even have to rack up the ol' credit card.