Your editor's recent forays into the world of econoblogging @ the popular Firing Miss Megan web log have given us the insight to note that George W. Bush has given the American economy the same treatment he's given Iraq. Indeed, it may well be that the W. approach to international relations is threatening our economy. Of course it's not all Bush's fault, the usual scams/poorly considered schemes (Which is which? Is there a difference?) are always in play in the "free market;" this time it's sub-prime mortgages, last time it was Enron & "Kenny Boy" (Huh? Never heard of him.) Lay. There's always a scam or a bubble waiting to burst in the world of stock trading. (Wait a minute. Trading? Are we talking geeks swapping baseball cards, or real people's real money being fooled w/ by ass wipes who'll make money from commissions no matter the fate of the stock being "traded?")One sentence to sum it up:
The stock market, often lauded for its resiliency, is suddenly finding it difficult to put an optimistic spin on a lethal convergence of negatives: still-unquantifiable losses in the banking sector caused by the housing bust and credit crunch; the inflationary implications of a steep drop in the value of the U.S. dollar; and fears oil will soon fetch $100 a barrel.More detailed (boring) info from the NYT, WaPo & LAT, if you give a shit.
WORLD UPDATE:
On the international scene, anything can happen in nuclear-armed Pakistan, where large demonstrations against the latest fascist oppressions of Pervis "Mushy" Musharraf are planned for tomorrow. A "state of emergency" has been declared in Georgia, termed a "beacon of democracy" by one George W. Bush. Local reaction to that statement?
Tina Khidasheli, an opposition leader, said in an interview that she had been beaten and hit with a tear gas canister when police moved in. She blamed the violence in part on the United States' "unconditional support" for Georgia's ruling party, adding that she thought her country's leadership would have respected the rule of law more if U.S. officials had insisted it be upheld.We'll note that Mr. Bush is behind "Mushy" as well, not having gotten around to calling ol' Pervis & telling him to resign his position as Army Chief of Staff & hold elections until yesterday.
"For four years they did not question anything Saakashvili was doing," she said. "Beacon of democracy? The shining of democracy was in the streets today."
CULTURE & CONSUMPTION:
On a more positive note, the X-mess advertising season is underway; soon consumption will give the economy a boost. It's not completely pervasive yet, but after Veterans Day we're guessing the suicide rate will be right where it belongs during the X-mess advertising period. Remember, cut length wise, not across your wrists.MARKET UPDATE (Updated 8 November 2007 @ 1718 PST): John O. commenting @ S,N! has a good take on this:
If you have money, move it to cash. My guiding principle on this is that George “Bizarro Midas” Bush has screwed everything he’s touched up; how can the economy not be next? It’s not a very sophisticated analysis, sure, but I’ll bet my assets, because I already have, that I’m right. The only question is whether or not everyone will be able to blame the new Administration."Bizarro Midas." Wish we'd thought of that.
Disclaimer: I am NOT a financial advisor.
And local "g" responds to that:
Heck, even cash isn’t any good anymore - Gisele Bündchen wants to be paid in Euros instead of dollars because the dollar isn’t worth anything anymore.The Canadian dollar (the loonie) by the way, is worth more against the US$ than at any time since 1950!
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