Banks: give them an inch, they’ll take a mile

I don’t think there’s much doubt left about the state of the flailing world economy. Driven to the brink of recession on the back of repackaged sub-prime mortgages, Wall St. is in chaos and , according to the Guardian, banks on the street borrowed an average $38.4bn every day of last week. In other words they’re hooked on the cheap credit crack pimped out by the Fed. I bet Bernanke is having trouble sleeping, or at least I hope he is!