Friday, October 10, 2008


The stock market is in free fall, Iceland is considering bankruptcy, Wall Street bankers are sitting in front of their vaults making like the sphinx, economists are actually past pointing blame at each other, the Congress worked together to try to fix something and many of the rest of us are going, "WTF?"

I quit watching the news, the yelping was hurting my ears. I did try to figure out what was going on by listening to interviews with investment bankers, stockbrokers, traders, economists, finance professors and all the rest of the assorted in-the-know people that NPR and PRI were cornering and asking questions.

Everyone seems to agree on a few points.

  • No one can fix the whole system, the best solution is to fix the root problem and let the rest sort itself out. Some will fall, most will survive and the boat will gradually steady itself.
  • No two viewpoints agree on exactly what that root problem is.
  • Many people would like Bush to stop doing his Chicken Little imitation.
  • 700+ billion to fix the problem is like spitting in the ocean.
Saturday is looking good just because it is not a weekday. This is all a confidence game, folks. Everybody take a deep breath. I have never seen a situation that was improved by panic.
The enormity of this is astounding, but the sky is not falling. Not yet.

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