I’ve Had it With Interesting Times…
Monday, September 29, 2008 — The single largest drop in the U.S. stock market in a single day was today (no wonder we all hate Mondays!) 778 points, equating to roughly $1.2 TRILLION dollars in value that disappeared overnight.
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm
I’m still not sure the bailout as-written was really going to stave off the bleeding enough to restore bloodflow (capital) to the market and send that capital to the right areas, but the uncertainty in the wake of the bailout dying on the vine is no good for the economy either.
We’re screwed when even Iraq with its $68 billion or so surplus, even if we called in all our debts with them, wouldn’t be a drop in the bucket to help.
The problem is with this going on, pretty much even the most right-minded politician who might actually have been able to do some good is now stuck plugging the levees as it were. There won’t be the kind of reinvestment in America that we need — our infrastructure (bridges, schools, hospitals, military facilities, etc.); scientific research; space exploration; government reforms; etc.
China’s stepping up just as we’re having to hobble off to the sidelines to get our gaping wounds looked after while we plead with our coach to let us back in the ring and try again.
Before we wallow in the doom and gloom though here’s an interesting perspective — http://www.financialaidpodcast.com/2008/09/29/fap877-wishful-presidential-address-on-the-economy/
and
http://www.cnn.com/2008/POLITICS/09/29/miron.bailout/index.html?iref=mpstoryview
