The Day After

So here we are the day after the great rejection and t he market is attempting to recover. As I write, about noon EST, the Dow is up about 200 points — still 600 points to go to even get back to where we started yesterday before the great rejection. Two of my favorite commentators last night, Ben Stein and Paul Krugman, were in agreement that the bill was imperfect, very imperfect, and that the Treasury Secretary was asking for powers that required usurpation of the Constitution. That said, they both agreed that Congress was playing with fire and that the entire economy could be brought down in ruins. Continue reading

September 22, 2008

What an amazing day in Congress and on Wall Street!! Who would ever have thought that we would have seen a president so thoroughly rejected by his own party and a vice-president, who at one time ruled like a dictator, so completely humiliated by his own people. The leadership at the top was abject with Bush popping in and out of a side door at the White House to give inane, substance-free, two minute sound bites. The first debate between the would-be presidents simply demonstrated that neither has any clue as to the state of the economy or what needs to be done about it. The Treasury Secretary apparently has a tin ear and an extraordinary level of arrogance, calling for the suspension of the Constitution, to handle a bailout, which his firm was party to creating. (Worse for me was that the head of Goldman Sachs was apparently in the meeting talking about how his firm would get tax payer money! Have they no sense of propriety?) The speaker of the House has an equal amount of non-sense. Why make a bitterly partisan attack when one needs all the votes that one can muster? Continue reading