Monday, September 29, 2008
Okay, to hell with should I be. I'm officially worried.
The House didn't pass the bailout. To be honest, like a lot of my blog buddies who posted on the same topic, I didn't want them to pass it. I called Pete Stark to let him know, and his office let me know that I was probably in Barbara Lee's district now, so I let folks at both the offices know I was a Democrat and I was against it. Both of them voted no.
Good on ya, Babs and Pete!
But I do think that the chickens are coming home to roost at long last. The markets went nuts. Not only did the Dow and NASDAQ take a pasting, but several things that usually move in sync stopped moving in sync. Gold had a terrific day, but silver and crude oil fell, and the U.S. Dollar Index rose. Usually the metals and crude move in one direction, and the USD goes in the opposite. Gold going up by itself means unsophisticated people with a little extra cash are scared. I know how they feel.
I'm not sure it's the apocalypse or anything, but I do think it will be a mess and it will last a while. Credit should tighten up, it had to eventually, so economic growth will be hampered and we will see a lot more bank failures and other scary headlines. It's not going to be fun for the next president, but I'd much rather it was Obama not having the fun instead of Old Grumpy Grandpa in the fun-free zone.
On the Huffington Post, they are featuring quotes that made it look like McCain and his surrogates were claiming the bill would pass because he rode to the rescue this weekend, so the failure is on his shoulders. I honestly don't care who gets the credit or blame. The markets took years to get in this mess. If they can't wait a few months until the next presidency to get some help, I say let the chips fall where they may.
I don't trust Bush or anyone he appointed as far as I can throw them. And I mean all of them at once with their pockets filled with gold coins.
And if it is the apocalypse, does anyone know the whereabouts of Rupert Giles or Buffy Summers? They've seen a few, so I figure I'd hang with them until this one blows over.