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The New York Stock Exchange on Wall St
As of the closing bell the Dow Jones Industrial Average is up almost 900 points to 9062.12, closing above 9,000 for the first time in a little over a week. Financial news organizations that were pessimistic in the extreme this morning (e.g. Paul Farrell’s piece and David Brooks’s editorial in the NY Times), and are ebullient this afternoon. What’s going on?
The LIBOR is down and the market is up — hooray!!! I spoke too soon yet again. It looks like the VIX is considerably down too. That means less volatility in the markets and more sustained movement. Could we see DJIA 10,000 by election day? Just soon enough to reverse McCain’s electoral fortunes!
The Fed chief said today that if we spend another $300 billion on direct financial stimulus (e.g. in the form of a WPA style infrastructure build out) we might avoid the worst of this meltdown. Sounds good to me!
I only see one problem (and this is why I’m a conservative douche bag at heart): without a little financial pain d-bags like the ones at AIG who went quail hunting after the government (that is, US) gave them $85 billion will continue to go quail hunting — and I will continue to pay more than a quarter of my income in taxes. Where is the congressional bill to make financial shenanegans illegal?
The other problem I see is the massive federal debt. When is too much debt too much? When will the chickens laid by all the coke snorting, whore banging d-bags on Wall Street come home to roost? Because all debts must be paid, one way or another. Who is going to pay for feckless wastes of skin to go on hunting junkets in Europe? You and me obviously. But so far we haven’t felt like we’re paying it. What will it feel like?
Massive inflation is my guess. Maybe even hyper inflation. Because all debts must be paid in one way or another. It’s as good as the law of gravity.
Hello again friends. Your humble political observateur here. I busted out my lab equipment again so’s I can drop some science on you. Political science that is.
McCain and Co. was hoping an August surprise with Mrs. Sarah Palin would put momentum in their full court press. And I’ll bet you Cheney was (maybe still is) planning an October surprise wherein Iran “fires” on US warships in the Gulf and we respond by righteously invading their country.
Unfortunately for the fantasy-based community, reality, courtesy of the Dow Jones Industrial Average, has given us a September surprise to shake up the presidential contest. Yesterday the Dow components lost almost 450 points or 4%, in one day. The loss since the close on 9/11 last week is over EIGHT HUNDRED POINTS (800 pts.). You read that right. EIGHT HUNDRED POINTS. That’s a lot — just over 7% of it’s value in three days. That means people who know a thing or two about which way the wind is blowing are scared out of their wits and are heading for the exits. What color is your parachute?
culturalcapitol.com 