Why We Need to Act Now
By Anne O. Krueger
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403009.html
Ok, so I was waiting for someone else to post something on the current economic situation, but I can't wait any longer. The attached article is clearly in support of the bailout, Anne gives lots of reasons, doesn't spend too much time on support, but that's not the purpose of the article. Essentially, she is putting it out there that she supports the bailout and thinks it should happen quickly. Her support rides in her credentials. But honestly, concrete support is hard. All it appears Paulson and the others can do is point to the lack of credit, and try and show that its going to get worse, which in turn it is argued the consequences are worse than the costs of $700 Billion.
Whether I can fully support it or not, it appears it is going to happen. This morning WAMU was even passed into government hands, which didn't fair well for the stock price which I had just purchased... I digress. What do you guys think the economy will look like in a couple of months? I already know several people who have lost their job and more in fear.. anyone have any anecdotes, I know a couple of you are employed in financial areas?
Comments please!
Wimbledon Wisdom
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I recently ran across a graduation speech by the tennis great Roger
Federer. I especially appreciated this passage:
In the 1,526 singles matches I played...
1 day ago
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3 comments:
Man, the whole situation is so fucked up. Apparently, Paulson literally got down on his knees and begged Pelosi not to kill the bailout (http://www.washingtonpost.com/wp-dyn/content/article/2008/09/24/AR2008092403009.html). Meanwhile, Republicans are opposing it more strongly than the Democrats. Hell, even Bernanke said he wasn't sure it would work.
What I don't understand is how McCain is still in this race at all. Regardless of whose fault this really is, it should be ridiculously easy for the democrats to blame all of this on the Republicans, and with McCain's involvement in the S&L crisis, the Obama camp should be tearing him a new one.
a line from an article made me think:
"Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. Despite pressure from supporters, not enough members were willing to take the political risk just five weeks before an election."
i'm not sure how many who voted vs the bill did so b/c of the political 'risk,' but how ever many did, that's the most shitty reason i can think of.
hey, and now we're down to only three major banks! woohoo!
so, a question: what do you think the consequences will be?
i know angel asked this question already, but i'm posing it as well.
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