Deadman's picture

    Holy *%$# ... Bailout defeated, market collapses

    OK, I was wrong. Really wrong. I was sure politicians would approve this bailout bill, no matter how publicly unpopular it was. The short-term risks of not doing something seemed too enormous - a complete freeze of the credit markets and the subsequent collapse of the economic system that relies so heavily on that free flow of credit.

    SarahPalinGrrrrl's picture

    I LOVE YOU, SARAH PALIN!

    sarah palin is a total INSPIRATION to me!! i am SOOOOOOOO EXCITED that she could be our next vice president, maybe even our PRESIDENT! Surprised for someone with her talent to be a vice president proves that anyone can make it in america. YAY SARAH!!!!!!!!! you go, GIRL!!!!!!

    Michael Wolraich's picture

    It's the Economy Stupids

    This post is not about the horse race or who "won" the debate. This post is about the greatest problem facing America today, a greater problem than we have faced in many years. This post is about the economy. I'm sorry to say that neither of the candidates took the opportunity to address it in a serious manner.

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    Michael Wolraich's picture

    Lead!

    We are facing the worst economic crisis since the 1980's. WaMu just set a record as the "Largest U.S. Bank Failure Ever." (Mazel-tov, WaMu.) Investment titans are on the knees, the ones that haven't gone under or been torn apart. Debt is at a historic high. Credit is tight. People are losing their houses and their jobs. Everyone is angry. Everyone is afraid.

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    Deadman's picture

    One $700B bailout coming up ...

    OK, the market's up big. The bailout plan is about to be unveiled. What does it all mean? Here are my thoughts.

     

    Michael Wolraich's picture

    Men of Honor

    America is fortunate to have a choice between two men of honor this election year. In another election, the candidates might have tried to exploit the financial crisis for petty political gain. But not this year. John McCain has gone so far as to propose delaying the first debate with Barack Obama so that they can solve our crisis:

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    Deadman's picture

    Public skeptical of bailout? But of course ...

    We've been told for so long that everything is OK with the economy. Nothing to see here, they've said. McCain calls the economy fundamentally strong; his economic adviser calls the American people a bunch of whiners; Greenspan says we are nearing the bottom of the housing meltdown; Barney Frank dismisses the problems at Fannie Mae and Freddie Mac as overstated.

    Deadman's picture

    McCain: Above Politics or Just Stalling??

    So McCain wants to put politics aside in order to solve the economic crisis ...

    Bah! Man, maybe I'm too cynical, but I can't even imagine a more political tactic.

    McCain just gave a speech saying he wants to suspend his political campaign and postpone Friday's presidential debate until Congress agrees on legislation to solve this crisis.

    That's just silly.

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    Michael Wolraich's picture

    BREAKING: McCain denies deal with the Devil

    The blogosphere is abuzz with rumors about a secret deal between John McCain and Satan. A contributor to popular political blog, TPM Cafe, first broke the story last week in a post entitled, Lady MacDeath - A Faustian Bargain of Sinister Deception. According to blogger TheraP, who does not quote any sources, Satan promised John McCain the Presidency in 2008 in return for sacrificing his soul and selecting Sarah Palin to be his running mate.

    Michael Wolraich's picture

    I Say, Let 'Em Crash

    Oh things are going well my friends. This stock market crash could not have come at a better time. Just look at John McCain squirm. All we need are a few more major bankruptcies, and we'll have the election locked up. As a special bonus, the greedy bankers are getting screwed too.

    Michael Wolraich's picture

    Rope-a-McDope

    Back in the doom-and-gloom days of...um...last week, there were a number of stalwart cheerleaders at TPM Cafe who airily assured us that Obama had everything under control. While I wasn't particularly concerned about the polls--I've seen enough elections not to get my knickers in a twist over weekly fluctuations--I had the sense that at least some of those cheerleaders would insist that all was well up to the moment of crushing defeat. The knowing assurances that Obama's hesitance to attack was part of his rope-a-dope strategy seemed the most suspect.

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    Deadman's picture

    A bill we'll be paying back for generations ...

    Ok, so I've admitted that the government probably had to do something to stem the financial crisis.

    Now I'm going to talk about all the ways this bailout could - and probably will - go wrong (with the caveat that all the details still haven't been worked out).

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    Michael Wolraich's picture

    (What a) Wonderful Veep...

    with apologies to Sam Cooke

    She don't know much about history
    She don't believe in biology
    She wants to change the science books
    She wants to fire the White House cooks
    But she does know how to speak on cue
    And she knows if she makes fools of you
    What a wonderful veep she would be

    She don't know much about geography
    She don't know much foreign policy
    Don't know much about George Bush's war
    Don't know what a VP is for
    But she knows that one and one is two
    And if McCain just tells her what to do

    Michael Wolraich's picture

    Governor, you're no Hillary Clinton (or Dumb and Dumber)

    Those who know my writing here are aware that I have little love for Hillary Clinton. Had she won the nomination, I would have voted for her but not happily. But whatever her flaws, Clinton is extremely intelligent. She has a better command of public and foreign policy than any other candidate who participated in the primaries. Barack Obama, of course, is brilliant in his own right, as is Joe Biden.

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    Deadman's picture

    McCain may be the lipstick ... and the pig

    A struggling economy. Rising unemployment. A crumbling housing market. Ballooning national debt. Disappearing social security and Medicare funds. Surging energy and food prices. Failing financial institutions. A looming environmental catastrophe. Increasing anti-Americanism. Burgeoning terrorist threats.

    This is the reality.

    No matter your political party or ideology, these are the issues that matter.

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    Michael Wolraich's picture

    About Face!

    Sometimes I feel as if we're all participating in some kind of psychology experiment and that any minute now, an old guy in a white coat will peer down from the heavens and tell us that we can remove our armbands and go home. Recent political events seem designed to expose our rational failings and prove that in the end, we're all just rats in a maze.

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    Deadman's picture

    Bullet points ...

    Been away and not able to update the blog, but a lot has gone on in the past week. i won't have the time to do a full posting for a few days, so i thought i'd throw out a bunch of quick hits, in chronological order since I began my trip.

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    Deadman's picture

    The world as it should be ...

    On the same night I wrote about the idealistic Sixties and how the eventual disillusionment that followed has continued to hold its grip on the American psyche,  Michelle Obama gave a stirring speech at the Democratic National Convention about not accepting the 'world as it is" but striving to create the 'world as it should be.'

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