"An era can be said to end when its basic illusions are exhausted." - Arthur Miller

Monday, September 29, 2008

The Bailout Fiasco, Cafferty and SNL Palin Sketch

Bailout Fails, Dow Jones Drops - 2/3 House Republicans and 2/5 Democrats voted against the bill killing it by 13 votes. The cause seems mostly because their constituents have been against the bill, thinking it’s designed to bail out the rich. The lack of understanding is if the rich fail, their companies fail and those constituents are out of jobs. It’s a big domino that is about to fall because of the ignorance of the average voter. The 777 drop, worse in history, concerns me because now the Dow Jones sits at 10480 points. Sadly the Dow Jones is about 1 part real world data and 3 parts psychological. Once it drops below the psychologically important 10000 point, I think the slide will accelerate.

Bailout Blame Game - Oddly Republicans are blaming a partisan speech before the vote as the reason for not supporting the bill. While the speech was probably in bad taste, in essence Republicans put their hurt feelings before the needs of the country. I wish I knew their names because they should be removed from office ASAP. Democrats blame Republican leadership for failing to get their support on their end. McCain took credit for the bill earlier today, "I've never been afraid of stepping in to solve problems for the American people, and I'm not going to stop now" so its pretty clear he failed to do his part in getting Republican support for the bill he apparently helped draft. So it seems if a leader needs to be blamed, McCain is your man.

Jobless Claims at 7 Year High - Further proof that Republican trickle down (reaganomics) is a complete failure. The problem with all these "market will out" beliefs is the refusal to recognize that unrestrained greed often leads to self destructive decisions.

Wachovia Bought by Citigroup - The consolidation of banks continues as Wachovia is being bought out thanks to its $53 billion debt it from the mortgage crisis. Technically nothing changes for customers but I am betting by this time next year, the nickel and diming for basic services will begin.

Cafferty on Palin - He comments on the Palin, Couric interview and pretty much lays it out why the various excuses made for her are unacceptable and the woman being a heartbeat away from the Presidency should "scare the hell out of you."

SNL's Palin, Debate Sketches - Two direct hits from SNL where they make fun of the Couric, Palin interview with Tina Fey just nailing it out of the park as usual. The debate sketch gets a little weird but overall pretty fun send up of the whole affair.

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