We are in real trouble.
Chart from Drudge:
So how many days will the republicans and democrats in Congress dither as if they are 535 Nero's?
Many predictions were made that if the govt did nothing at all the natural market corrections would drop the DOW (now without AIG) to ~8300.
I heard one moron claim this bailout was the 'largest single executive power grab in history'. Are you kidding me? Does anyone imagine an outgoing George Bush, worried he will be remembered in all history for a 2nd great depression which guts our ability to win the war against islamofascists is involved in some nefarious power grab? I can believe incompetent, but PLEASE. This is iconic of congress today. For a week use your brains up there, not your hindbrains.
We are already at the point where taking care of this problem, will if either candidate is truthful, acknowledge that whatever plans they had, they will now have as their compulsory priority managing this monster to a profitable conclusion for us all. There is simply NO ALTERNATIVE
Health Care? Where is that money coming from? That' a joke. Want more F-22's to safeguard the nation? How are you going to provide the additional funds? More brigades to help an overstretched army? Who balances the checkbook?
It now appears we will get the worst of both worlds. Congress, mired in squalid squabbling over who to execute partisan blame upon, will take all week or longer and the market will be just above that level (8300) or worse, and then suddenly get religion and create the more usual idiotic patchwork of common sense and committee stupidities, too late and without resolution.
Ladies and gentlemen in the Capitol bldg, GET IT TOGETHER.
Anyone else wonder about a 3rd and 4th party?
Think a single one of the congressmen or senators depend on their bi-weekly paycheck for heating oil, electricity, food and the car payment?
We are being ill served across the board, executive and legislative, democrat and republican.
In my mind's eye, I keep seeing crates of tea in the harbor. That's how I am beginning to see all this.
When banks can no longer lend, when sovereign funds have all dumped their T-bills, when money market runs create panic and disorder in the streets, and near the malls, and in the suburbs, when we can't imagine where to send the mortgage checks and oil is at $250/barrel because capital seeks security, when supermarkets raise their prices every day or worse to keep up with the changes as commodities rocket upwards, and heating oil dealers go broke because they extended credit to customers who lost their jobs because the marketing plan is in the garbage and the entire dept was let go, when there is no confidence in America to solve it's own problems or stabilize the world, what will any of them in DC have to say then, ?
It was the other guy's fault?
So here it is, fund what needs to be funded, extend time to mortgagees, lock the CEO and other "C" pay to a multiplier of MEAN PAY for a given corporation for a fixed time, and eliminate TOTALLY retirement "plans" which amount to setting up a family and all their descendants unto all generations.