Does anyone else find it amusing (I laugh so I do not cry) that both campaigns started immediately pointing fingers at each other about all the Freddie Mac and Fannie May insiders that pepper both their campaigns?
Am I the only one who sees McCain’s “OMG lets stop campaigning and deal with the crisis” as a reprise of Jimmy Carter’s “I’m locking myself in the White House till the Hostages come home” from the ’80 election? Am I the only one who sees it playing out at least as well? (I wonder if disco will come back?)
I get the whole “let’s grab the guillotine” attitude about these CEOs. It feels good to pile on these lowlifes. But, you know, taking a few hundred million from those folks is going to do exactly jack and shit about the trillion dollar elephant sitting in the middle of the room. (We shut the barn door, but the horse is gone and the tractor’s on fire.)
All these economic experts who are rushing headlong to solve this problem are the exact same people who somehow didn’t see this coming. This didn’t happen overnight, and any economist that actually said that the economy was sound any time in the last two years should be automatically disqualified from proposing a solution. (But they got us into this mess, of course they can get us out, right?)
Whatever Washington does isn’t going to actually fix the problem, the best they’re going to do is amortize the pain over the next five to ten years. We’re going to end up with a larger, more invasive government, higher taxes, more expensive gas, and the person we elect in November, whoever it is, is going to receive a good part of the blame for not fixing it. Our credit bubble that’s been blowing up since the 90s? Watch it deflate. (No! You can’t haz home equity line, not yourz!)
If you want to invest in something right now: Duct Tape, Canned Goods and Euros.