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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.
This guy can't believe Palin's nerve.
Right now — today, October 5th, 2008 — the world is deciding to quit believing in a brighter future and start hoarding white rice and gasoline. The Dow Jones is down 700 points at the time of this writing, and European shares had their biggest one day drop ever.
If you want to see how bad it can be, check out this web lecture by Chris Martenson. If we contract to pre-bubble levels, we’re looking at Dow 6,000 — and the way things are going today that might not be too far off.
culturalcapitol.com 