Blue Mass Group

Reality-based commentary on politics.

Markets tanking. Hold on to your hats.

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The Dow is below 10,000 for the first time in four years — as of now, it’s down a little over 4%.  The S&P 500 is close to sinking below 1,000, which it hasn’t done since 2003.  Governments all over Europe are scrambling to prevent a banking meltdown.  

Meanwhile, Bill Kristol wants to talk about Jeremiah Wright, and is actually goading Sarah Palin into doing so — despite McCain’s express instructions to the contrary.  What a jerkoff.

And, incidentally, if Sarah Palin wants to talk about associations with people who say “appalling things about our great country” … hellooooo, Joe Vogler and the Alaska Independence Party!

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Comments

  1. They have to create a distraction to deflect from McCain’s piss poor record on the economy. So they revv up the smear machine, which will backfire on them big time with independents.  

  2. Why is a long overdue correction in market inexes news?
    All bubbles burst, so let it drop.
    What people should be focussed on instead of cheerleading for Warren Buffets profits, is the fact that the overall economy has been awfule for a LONG time now regardless of the direction of the Dow flipping Jones.

  4. decided long ago that once Ayers was brought up by the McCain campaign, they’d hit back with Keating (as evidenced by the Keatingeconomics.com website).

    <

    p>I think this is a far better strategy than going after the veep candidate. To paraphrase Nixon, you don’t shoot ‘down’ during a presidential race.

    <

    p>Also, you can tell the Keating Association is a big sore spot with McCain. I think he’ll go nuts if Obama or Biden mention it.  

  5. There is no money to pay for a bailout, so the gov’t will have to deficit spend. The Fed will create a trillion dollars of new money which will be inflationary, or will have to be sterilized by taking money out of the banking sector (hurting business). Which is what started the trouble in the first place.  

    • Wall Street may shun $700bn bail-out.

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      p>

      The bill was passed on Friday afternoon, however, after the inclusion of $149bn of tax breaks and strict rules for participating banks.

      But Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.

      One of the least attractive elements is a section designed to curb executive pay at banks that participate in the bail-out package. These include limiting stock-related pay and banning ‘golden parachutes’ for executives.

      ‘I think this hodge-podge of regulations and rules will be enough to put many [chief executives] off participating,’ Caldwell said.

      <

      p>Ah, the bailout is welcome only if it doesn’t hurt the bottom line of the CEO. Maybe that’s the poison pill?

      • How much of that $25Billion without strings just sent to the auto makers will go for executive pay?  The bankers must be furious.  Maybe if they don’t want it with strings attached, they don’t need it.  

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        p>To those that say this “came out of nowhere”, “couldn’t predict it”, “caused by greed”, blah, blah, blah; checking the 1929 crash you can just about follow along as to what happened this time and what will happen next.  This time government is doing the same things done in ’29 which kept the Depression alive for a decade.  Tradition?

        <

        p>Edward Gibbon:

        <

        p>    “I have but one lamp by which my feet are guided, and that is the lamp of experience. I know no way of judging of the future but by the past.”

  6. Gee, I must be naive.  I thought that David said the bailout giveaway would restore confidence in our economy.  Did it ever occur to you that it might have the opposite effect?

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