OK, and this work is... push through a piece of last minute legislation that will rescue Wall Street and apparently save the world.According to an AFP story two hours ago, "We're in the midst of a serious financial crisis," Bush said in his 13-minute speech from the White House, after angry legislators on Capitol Hill declared the shock proposal dead on arrival. "Without immediate action by Congress , America could slip into a financial panic," the president said. "Ultimately, our country could experience a long and painful recession."
I suppose if we believe the ominous summons, our banks, retirement nests, homes and jobs are all on the brink of destruction as the world economy teeters on the edge.
How bad is it, really? Lebron James Signed '06 All Star Nike Zoom III Shoes are still going for nearly two grand on eBay. A 1993 Honda Civic DX (with 1984 miles on it) is fetching $10,000.
Companies are still paying six figures for ad space in Sport Illustrated, and thousands for every page in smaller circulation trade journals like National Oil and Lube News or Auto Services Operator. NASCAR ticket sales are still brisk. The shelves of all our grocery stores are still stocked with food. There are still too many TV commercials on network television, which means someone is paying for that air time.
OK, so I am only an amateur economist. I do know there are companies that have been hurt these past couple years. Nevertheless, it's official. They're postponing the campaign to roll up their sleeves and hunker down, Obama, McCain and the President. We'll see how successful everyone is at cobbling together a decision that turns them each into heroes. No finger pointing now, children.
Where's the Dark Knight when you need him?
6 comments:
Hi
I know how you feel. I am in the UK (but am Australian) and for the last near on year they have been saying we have been in a 'credit crunch'. I have not noticed it and am still to get a definition of what it is. The only thing I did notice was petrol prices rise, butter and pasta almost doubling but that was it.
I hear there is talk that American taxpayers may be footing the bill for the so called 'financial crisis'. Which makes you wonder if the average person can afford to fix it where is it going and what is it for.
Better stop rambling :)
Julieanne
>>>>>>>How bad is it, really? Lebron James Signed '06 All Star Nike Zoom III Shoes are still going for nearly two grand on eBay. A 1993 Honda Civic DX (with 1984 miles on it) is fetching $10,000.
Companies are still paying six figures for ad space in Sport Illustrated, and thousands for every page in smaller circulation trade journals like National Oil and Lube News or Auto Services Operator. NASCAR ticket sales are still brisk. The shelves of all our grocery stores are still stocked with food. There are still too many TV commercials on network television, which means someone is paying for that air time.
How bad is it really?
Heck, for all we know, The King of Thailand could have eaten fresh flown-in Maine lobster for dinner tonight, in his well-guarded gold-plated palace. He's got it pretty good, actually, and I think he knows it, too.
How bad is it really, though?
It's not even too bad at all, for those who've got money to buy enough food to eat, plus heat for the coming winter, plus NASCAR tickets, and signed Nike shoes, etc.
But for those who don't have that much money, and are going to be homeless this winter, it's actually pretty bad.
And it's going to get downright dangerous for them when the temperature gets down in the minus 30's.
The bailed-out bankers will be warm, though, though, will have good food to eat, and they'll be well-guarded. Things will be hunky-dory, for them.
The second "though" was redundant, and also unnecessary. ;>)
I had a long day, today. Good night.
For the needy, whether Wall Street is making people millions or troubled, the situation is the same. Where will I get my next meal? How can I hope to change my situation or circumstances?
I guess my real issue is, is it worse than ever now? Is there really the threat of a global Great Depression coming or are we seeing political posturing in order to preserve status for some at the continued expense of others? I really do not know...
Hopefully, things will hold together and it is not a perfect storm. But many people I know did predict this, if not now then later.
e.
>>>>>>>>I guess my real issue is, is it worse than ever now? Is there really the threat of a global Great Depression coming or are we seeing political posturing in order to preserve status for some at the continued expense of others? I really do not know...
Ja Vohl! to all.
It IS worse than ever, now.
There really IS the threat of a global Great Depression coming ...
AND
We ARE seeing political posturing in order to preserve status for some at the continued expense of others ...
AND
You really don't know .....
OR
I think you DO know.
A quote from Winston Churchill as he addressed Nazi-occupied France in 1940:
"As for those to whom English hearts go out in full because they see them under the under the sharp discipline, oppression and spying of the Hun, as to those Frenchmen in the occupied regions, to them I say – When they think of the future, let them remember the words which Thiers, that great Frenchman, uttered after 1870 about the future of France and what was to come, “Think of it always, speak of it never.”
http://www.sheifgab.com/great-speeches/churchill.htm
A quote from John Donne:
"All mankind is of one author, and is one volume; when one man dies, one chapter is not torn out of the book, but translated into a better language; and every chapter must be so translated...As therefore the bell that rings to a sermon, calls not upon the preacher only, but upon the congregation to come: so this bell calls us all: but how much more me, who am brought so near the door by this sickness....No man is an island, entire of itself...any man's death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee."
http://isu.indstate.edu/ilnprof/ENG451/ISLAND/index.html
Yes, good quote, which I cited not too long ago here. And another bit of proverbial wisdom from days of yore... from Robert Burns
"O wad some powr the giftie gie us
to see oursels as others see us."
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