Monday, September 29, 2008

What a day!

What a day this has been!! The US House of representatives voted down a $700 Billion Economic Stabilization Act (read 'US/World economy bailout bill). As a result, the US stock market dropped 7%. The dow dropped 777 points today to 10,365.45, the S & P dropped even more. This is no fun at all.
More interesting to follow is the Palin/Biden debate that is coming up. This hockey mom is sure making the elections colorful - to say the least.
Her performance on TV is, unfortunately, getting only partial coverage because of this sorry and sad state of the US economy. So - if you haven't seen this .. go ahead and click - you will feel much better..

OK.. now on to the economy... The republican leadership of this country are between a rock and a hard place. They will be damned if they approve of this bailout - and damned if they don't. It goes against the grain of their very principle, their ideology. The 'ownership society' is faltering - and they are to be blamed.
If I was asked the single reason for this implosion - the years of 1% fed interest rates under Greenspan. Somehow - everybody got the idea that it was okay to live beyond your means - and the government was encouraging it.

So after propping up the country's economy, and giving a false sense of security, the Bush administration is all set to go out with a wimp. Indeed, history is all set to judge him and the republican political machine as the most destructive this country has seen in its history. Pity, an entire generation is set to suffer because of the failed policies of one man.


raoul said...

Surprisingly, that clip does not make me feel any better.

akv said...

Hey Raoul,
Maybe that didn't make you laugh - it made you cry.. in that case - yes - you would feel worse.
I LMAO to see this incoherent blob try and cobble together some words to answer a relatively straightforward question. Even the cues she got from McSmirk didn't help her one bit.