There are so many bottom lines to the credit crisis, but for myself the bottom line is we’re seeing what happens with an ideology of “the market rules, so don’t rule the market.” A friend wrote today, commenting on all of the government bail-outs:
I wish someone would point out that this means the GOP is moving toward a socialist model. When they rant and rave about the horrors of socialism (in medicine), they need to understand what they’re talking about.
Ex-actly. In the ultimate irony, extreme capitalism has led directly to socialism, literally overnight. Bush started his second term touting a plan to privatize Social Security, and he’s ending it nationalizing Wall Street. This is not a normal business cycle downturn. It’s the result of market manipulation and a lack of oversight.
As D.F. Rogers characterizes it, this is the real trickle-down effect. The profits are kept at the top, while the losses are passed down. McCain wants to leave the tax cuts in place for the richest 1% of Americans?? At least with this latest calamity there’s some outrage. With so much tax money being ponied up, we’d better be able to impose some tough regulations and restrictions without hearing even one peep of complaint from the brokers.
A TRILLION dollars for Iraq. HUNDREDS OF BILLIONS for Wall Street. Why would anyone vote for the old white guy and the monster hockey mom?
Clearly, Harry Truman was not familiar with the “Do Not Blink” doctrine of Palin. If only he’d been aware of how simple it is, he could have had the same kind of confidence she has. Pity the poor man.
Exactly, Doug. And the last I heard, Obama was up about 4 percent over McCain in polls of voters,seemingly as a result of all this financial turmoil. So I guess that’s the bright spot.
I agree with your comment about the “old white guy” and the “monster hockey mom,” in the sense that McCain is – if nothing else – really too old for the demands of the most powerful and important job in the world. Jesse Ventura pointed out that federal workers younger than McCain are forced to retire, but there is no upper age limit to run for President. Can you imagine McCain holding up in his energy and wise decision making for possibly 8 years???
Doesn’t anyone remember Reagan’s 2nd term in office, and the questions about who was really running the Presidency? It became kind of like a joke, because most people liked him personally. But that doesn’t mean he was still fit for the job, other than as a figure head, more or less! I think Reagan was already experiencing early Altheimer’s disease by then, but being carefully protected in his public image, and coached from the sidelines.
Harry Truman felt intimidated and completely over his head when he first took office after Roosevelt died. Does anyone truly think that Sara Palin, McCain’s running mate, is even near as equipped as Harry Truman was to take over as President of the United States? Let’s get real here, America!!! Come on!!! We have wars going in Iraq and Afghanistan, and a serious financial situation. These problems aren’t going to be resolved quickly!
As for your comments about the mess on Wall Street…Sigh. We need to reinstate the uptick rule regarding shorting stocks, and I’d like to see the price spread at a NICKEL! Naked shorts have got to go. Bear raiders will just bring company after company to its knees… and GOOD companies, too, with sound fundamentals, but which simply can’t raise capital any longer after their share prices are mercilessly ravaged by shorting like has been going on.
If a reader doesn’t know these financial terms I’m using, I suggest anyone that wishes further illumination go to Wikipedia.com and look it up. It’s way too complicated to try to explain here!