This is a quick note to point out just what a success Google has been. Yesterday the US stock market increased in value by 2.6% on the news that the US Government had decided to take control of Fannie Mae and Freddie Mac the companies that hold the bulk of the toxic waste that is the US mortgage market.
The same day Google stock dropped by 5% reducing its market value to around a bazillion dollars. The reason? Well, according to the San Jose Mercury News – the daily read in the Valley – investors sold Google to pay for their losses in the aforementioned companies.
For this Google should be thanked for creating such value that part of it can be used to offset the possibility of a wider economic meltdown.