Just Another Manic Monday…
I guess you can think of the lyrics to the infamous song by the Bangles and mark a stark contrast to how many of us felt today as Wall Street was bought to it’s virtual knees again after experiencing the largest single drop in the past 7 years – the last biggest was a few days after September 11th, 2001.
CNN Reports that stocks skidded with the Dow Jones Industrial Average dropping 778 points bringing Wall Street and investors everywhere with them on a crazy downward spiral that made all of the Dow component companies scream in pain as every one of their stock prices also fell.
All of this on the heels of Congress rejecting the plan to save our troubled economy, for which a compromise was supposed to have been reached over the weekend. Why did the House not pass the Bill? One can only wonder, but it certainly shows that we were far from a compromise this weekend, and all those soundbites we heard of Congressman applauding the agreements were just that. Soundbites.
What is our Government waiting for? A complete meltdown, so Bush can pass another Patriot Act like law to control our financial markets completely? Is it not enough to have a stake in some of the most powerful companies in the world? What the ___ is going on? And why isn’t this being taken care of like we’ve taken care of all our past ailments in economy that is supposed to drive the planet?
Who knows?
Meanwhile consumers are feeling the crunch with less jobs than ever, and less money available for much ado about anything. I wonder if the DIY Network and Do It Yourself shops all over will beging to air episodes on how to simply cope with mounting debt and troubled mortgages, because I am sure that Home Depots everywhere are empty these days – at least if people are smart they should be empty. It is now harder than ever to get a loan for much of anything from any bank as they have all begun hoarding cash to help themselves ride out this wave of troubles.
It looks like you can get loans from smaller banks still, and maybe that is what the future of America is going to look like. I mean? Honestly? If we decide to bail out large companies are they REALLY going to remain clean enough to stay in business for the duration? Look at AIG. We can bail these companies out over and over again, and until we have REAL regulations in place to control spending, etc., etc., they will get right back into these positions over and over again.
We need a solution and we need it now. What that solution is, I don’t know – again, not an economy major or Finance guru by any stretch of the imagination, but what I can assure you is this – we NEED to fix this NOW.
Sound off, what do you think? How do you feel? Foreclosed recently? Banks tightening up?
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