Monday, September 15, 2008

It's Not a Recession, Go Back to Sleep


I am reminded of the Governator's words at a rally for W years ago when talking about the economy. He taunted those who had the audacity to question our commander in chief's perspective (and track record of being bailed out by Saudi oil money every time he bankrupted a company) on the topic by calling them "economic girlie men." Fast forward a few years and Budweiser is owned by the Belgians. Gas is running about the same as a gallon of MonaVie. And this morning, Lehman Brothers filed for bankruptcy. They've only been successfully making money for 158 years. The Bank of America, which has already acquired LaSalle and Countrywide has now made a push to acquire Merrill Lynch, another Wall Street fixture for the past 150 years or so. About 7000 homes are being foreclosed upon every day. Unemployment just hit 6.1% Everyone I know is broke, hanging by a thread or unhappy that they need to dip into their savings. How bad is it? H. Ross Perot is considering throwing his name in the hat again (not really, but he probably should). The point being.. it's a fucking recession! And if McCain doesn't start to really explain how he intends to handle the economy, I cannot see how he has any chance of getting elected into office. And spending $10B per month in Iraq is not the kind of foreign investment, most on Wall Street are thinking about.

3 comments:

Sal Kilmister said...

Good stuff...I wonder when Bank of America is going to become a monopoly? Didn't Marx predict all of this would happen?

puddy said...

i guess there's some concern now about wamu and wachovia?

soon it'll be just small community banks and b of a...

Comrade Kevin said...

Because remember, when banks fail, you win!

Or something.