Credit Squeeze

"The recent collapse of Ginko Financial, a "virtual investment bank" in Second Life, has spurred calls for more oversight, transparency and accountability, especially when it comes to business practices in the metaverse.

"Last week, Ginko Financial -- an unregulated bank that promised investors astronomical returns (in excess of 40 percent) and was run by a faceless owner whose identity is still a mystery -- announced it would no longer exist as a financial entity.

"The declared insolvency meant the bank would be unable to repay approximately 200,000,000 Lindens (U.S. $750,000) to Second Life residents who had invested their money with the bank over the course of its three and a half years of existence."

http://www.wired.com/gaming/virtualworlds/news/2007/08/virtual_bank

Obviously we need to be desperately worried about spillover of this lending crisis into the broader economy. The NYSE will nose dive on this news. Sell! Sell! Sell! We need a government bail out to make everyone whole and avoid a global credit squeeze. The Fed need an immediate, emergency rate cut to shore up the nervous markets. What are the positions of the presidential candidates on this institutional default? Where's the White House? WON'T SOMEONE THINK OF THE CHILDREN!!?