Just read in the NY Times that in some of the money market accounts like the Reserve Primary Fund (the very people who invented the MMF) one dollar is now only worth .97. In Wall Street lingo, this fund "broke the buck," which never happens in what is supposed to be a safe place to put your money. The fund has stopped all withdrawals for seven days. And you thought it was your money.
Merrill Lynch, Lehman Brothers, AIG, Fannie & Freddie, WaMu and soon to be Morgan Stanley -- all road kill on the freeway of the free market. In this year of firsts, we have just witnessed another chapter for the history books: Basically this Republican government has nationalized our economy. They out-Roosevelted Roosevelt. It's socialism for the wealthy, and the free market for the rest of us. I hope I can get a piece of this bailout action for my upside down mortgage, car loan and credit card. Where do I sign up?
Can you believe it? All those brokers and traders at the aforementioned firms were watching the value of their companies crash before their very eyes, squirming in the starch of their shirts, when some guy walks in and says the nine most welcomed words in the English language:
Can you believe it? All those brokers and traders at the aforementioned firms were watching the value of their companies crash before their very eyes, squirming in the starch of their shirts, when some guy walks in and says the nine most welcomed words in the English language:
I'm from the government, and I'm here to help.(If you know that famous Ronald Reagan quote from the 1980s, you will appreciate the irony.)
And what of the media and our Prez candidates? How are they handling these "what the hell just happened to my 401k" moments? CNBC and the dear, old print media are actually doing a great job of staying on top of developments and explaining things the best they can. Problem is, no one really knows what or how bad this is. Yet, in the middle of this economic crisis -- probably the worst since the 1930s -- the broadcast and cable media is still obsessed with the polls between Obama and McCain. Go figure.
As for the candidates, McSame wants to fire the chairman of the Security and Exchange Commission, except that -- oops -- a president doesn't have the power to do that. Presidents nominate and the Senate confirms the SEC chair. As a commissioner of an independent regulatory commission, this person (Chris Cox) cannot be removed by the president.
McPain said he opposed a federal bail out of AIG a couple of days ago (economy's fundamentals were "strong," he said); then he changed his mind after the government change its mind. So he was against it before he was for it. Joe Biden called Johnny Mc's ideas The Bridge to Nowhere. tee hee.
As for the candidates, McSame wants to fire the chairman of the Security and Exchange Commission, except that -- oops -- a president doesn't have the power to do that. Presidents nominate and the Senate confirms the SEC chair. As a commissioner of an independent regulatory commission, this person (Chris Cox) cannot be removed by the president.
McPain said he opposed a federal bail out of AIG a couple of days ago (economy's fundamentals were "strong," he said); then he changed his mind after the government change its mind. So he was against it before he was for it. Joe Biden called Johnny Mc's ideas The Bridge to Nowhere. tee hee.
We will await Obama's "new ideas" on how to fix this mess on Friday in Florida. Obama has a real opportunity here to steal the show and crush McSame. Let's hope he steps up to the plate.
Meanwhile Sarah McPalin can still see Russia from her house, and it's looking better everyday.
One of the blogs I read today asked if capitalism was dead now. A week ago, who thought we would actually pause to think about that? The answer is probably "no" but still, don't buy any stocks right now -- unless it's in a mattress company.
Meanwhile Sarah McPalin can still see Russia from her house, and it's looking better everyday.
One of the blogs I read today asked if capitalism was dead now. A week ago, who thought we would actually pause to think about that? The answer is probably "no" but still, don't buy any stocks right now -- unless it's in a mattress company.
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