Nothing New Under the Sun
With all breaking loose in Washington and on Wall St. yesterday, it was comforting to hear the promo for the ABC evening news: "Heather Locklear arrested in Santa Barbara, latest on Dancing With the Stars, tune in at 11." It's nice to know that the so-called "crisis in confidence" hasn't hit Main Street.
3 Comments:
The internet is a good barometer and it's been all quiet on the western front. People must be holed up watching something... (yep you're probably right Heather Locklear getting arrested and Dancing with the Stars) LOL
Which way from here John... what's your take on it?
Jean, I think Congress will work it out and give Wall Street the money, thus making all Bush's campaign contributors even richer and delaying the inevitable collapse. The fact is there's too many bad loans out there on overvalued property, not to mention heaps of credit card debt that can't be paid back because people owe more than their capacity to earn it. More tomorrow morning.
Whichever way it goes it's going to be painful. A catch 22 really. One does wonder if the bailout will only delay the inevitable. But the global fallout should it not occur would be catastrophic.
Heads should roll... but I doubt they will. There is too much at stake... politically and economically. And the timing is lousy.
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