Morning deadline; blogging will resume in a couple of hours

As the post title says, real (read:  paying) work is making its demands on my time.  I’ll catch up with the news in a little while.  Just grateful that the market seems to be holding stable (and what does that tell us about the bailout panic?).

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  • Bill Smith

    We understand. Work really puts a dent in the day, doesn’t it?


  • Mike Devx

    That the markets are stable leads me to another frustrated comment.

    Articles today quote President Bush as saying (and agreeing with a host of commentators, even conservative commentators):

    Bush noted that the maximum $700 billion in the proposed bailout was huge, but was dwarfed by the $1 trillion in lost wealth that resulted from Monday’s stock-market plunge.

    “Because the government would be purchasing troubled assets and selling them once the market recovers,” he said, “it is likely that many of the assets would go up in value over time. Ultimately, we expect that much – if not all – of the tax dollars we invest will be paid back.”

    Ah, yes. The taxpayer bailout is OK because we’ll certainly recover all of the money. But when the stock market goes down, its value is lost forever. Conservatives are gleefully pronouncing that Pelosi cost America a trillion dollars yesterday. What a piece of CRAP that kind of arguing is, and I’m ashamed of conservatives for joining in the chorus. The market goes up, the market goes down. Trends over much longer periods of time are what’s important.

    Claiming anything is lost or gained due to a single day’s results, or even a week’s results, is so far beyond ridiculous that words fail me. I know blaming Pelosi is a lot of fun, but this is beneath the prudence and wisdom that conservatives normally display.

    Since when did conservatives think that wealth is a zero-sum game? Since when did we forget that government cannot create wealth, that only the people, engaged in productive enterprise can create wealth?

    I don’t mean to dismiss the crisis. But using a model of short-term thinking as if it describes reality just drives me up a wall.

  • Ymarsakar

    Given that people like Obama will be in charge of lobbying the government as to who will “buy” those mortages/houses, I’m not sure how much money the federal fisc actually will get back. I assume most of it will go to buddies of Obama or other Democrats: buddies like REzko.

  • Ymarsakar

    What about banks, Book. Any news from your circle of banks closing off access to accounts?

  • Bookworm

    I haven’t heard anything about banks denying depositors access to their funds.

  • suek

    This was a good article. If you go to the main foxbusiness page, many articles to choose from. At this time, the market appears to have made up about half of yesterday’s loss, and the European market seems stable.

    Ya know…the upshot of this might be proof that McCain will be shown to be correct: the basic economy is strong.

    Yeah…definitely check out AT these days!
    Flopping Aces also has some good discussions.