A Funny Thing Happened On The Way To The Meltdown…
September 30th, 2008 | by Ken Grandlund |“Inaction is not an option.” - John McCain
“If we do not act, it will be harder for you to get a mortgage for your home.” - Barack Obama
Yesterday, the Stock Market started dropping even before the House met to discuss the Wall Street bailout bill and finished the day down 777 points, an historic loss that “shocked” many lawmakers.
Today, the Stock Market rebounded almost 500 points and Congress is not even in session.
Professional pundits say that the market dropped because no bailout came through, but it was dropping way before the vote even took place, in the midst of politicians and the president assuring passage. These pundits further say that the market rebounded today because traders feel certain that something will pass eventually, maybe as soon as this Thursday or Friday.
So….yesterday a $1.2 TRILLION paper loss on Wall Street; today $804 BILLION paper gain on Wall Street.
Now you tell me…do we really need Congress at all? Seems to me that the market does what it does regardless of Congressional action or inaction.
How much trouble is there really if the market’s yo-yoing actions replace most of the loss from one day to the next? And we’re always told that the market always recovers, right?
Give the $700 Billion to struggling Americans and let these fleabag financiers figure it out on their own.
7 Responses to “A Funny Thing Happened On The Way To The Meltdown…”
By Lazarus Long on Sep 30, 2008 | Reply
So you’re saying we’ll manage to get by
in spite of who’s in charge?
By Ken Grandlund on Sep 30, 2008 | Reply
Actually, LL, what I said on 8-26 and am still saying now is that no matter who wins we’re still screwed:
http://www.teambio.org/2008/08/26/reality-check-no-matter-who-wins-the-election-were-still-screwed/
And what I’m saying now is that all this “emergency” hyperbole we’ve been getting is just that- hyperbole, at least so far as the stock market is concerned. If congress critters take the Monday market plunge as evidence they need to “do something big and do it fast” then they are using the wrong indicator of the economy to justify their reversal.
By steve on Sep 30, 2008 | Reply
Got almost 10K on paper back today!! So much for the panic sale. My stuff did not get touched and actually grew this year until yesterday.
By Ken Grandlund on Sep 30, 2008 | Reply
Just wait Steve- tomorrow you could lose another $5k. Then the day after that you could gain back another $6k.
Isn’t this fun!
By Windspike on Sep 30, 2008 | Reply
The Sky is Falling, the Sky is Falling, the Sky is falling….
…no wait, the economy is still here…Congress hasn’t acted except to decide to not act…and we are all still alive…perhaps inaction is an option and the whole world won’t grind to a halt….
Just a thought - perhaps this economic situation is what Bin Laden was hoping for when they ran the planes into the Trade Center…they new that GWB would fuck things up so bad fighting the paper tiger in Iraq and that it would lead to further economic calamity. And, if we buy into the GOP Driven madness, we may be playing directly into bin Laden’s hands, much like everything GWB has done.
Who would have thought four airplanes in 2001 would have led to such repercussions. If we make the move to accept a 700 billion dollar bail out, perhaps we will see what bin Laden was hoping for.
Oh, I’m so busting this up to the post level.
By Steve O on Sep 30, 2008 | Reply
For some reason I keep thinking of this scene from Animal House;
Those guys are coming pretty fast.
(Crowd screaming)
-What the fuck’s going on?
-I don’t know.
Let’s stop this now. Charge!
DOUG: Get up, you faggots! Charge!
Stand up and fight, for Christ’s sake!
(Laughs)
Faggots!
Remain calm.
All is well.
Cut the cake!
Look!
(Tense instrumental music)
Oh, my God!
(Dramatic instrumental music)
(Screams)
(Adventurous instrumental music)
(Motor revving)
Let’s take the cheese.
I hate those guys.
(Screaming)
Ramming speed!
Oh, boy, is this great!
(Screaming)
All is well!
You can take your thumb
out of my ass any time now.
Remain–
(Comical instrumental music)
This may seem an inopportune moment
to ask, Dean Wormer…
but do you think
you could give us one more chance?
By wooD on Sep 30, 2008 | Reply
Bailout or no bailout it doesn’t look like it’s going to be a fun ride for a while. My latest webcomic has been on the bailout. http://facebigelow.blogspot.com
Enjoy