The Amateur Economist Speaks

So, it is official. President Bush pulled the contenders out of the ring, claiming "our entire economy is in danger" and there is more important work to do.

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?