Crow here. I've been noticing that a few of susan's blogger friends have little tickers on their side bars counting down the days, hours, minutes and seconds left in the reign of the current administration. From what I've been hearing about the state of the economy and the continuing meltdown I've been thinking the tickers could be counting the money that won't be available for Obama to allocate when he takes office in January. Things are going to get worse before they get better and everyone had better be prepared for any major changes to be slow.
AIG wants another $50 billion this weekend and who knows what next. The company is expected to post huge third quarter losses again on Monday which are mostly the fault of credit default swaps they shouldn't have been engaging in to begin with. Would anyone in their right mind purchase insurance from a casino? Wasn't it the AIG kingpins that were caught at a posh spa, getting pampered with massages shortly after they were first bailed out? Wasn't it the AIG managment who were defending their spa vacations because, darn it, they worked so hard and they deserved some relaxation? I believe that they said something to the effect that they were under great stress and needed to decompress.
GM needs $75 billion in order to retool but they haven't designed or built the kind of cars people want or need for the past 30 years. The banks all want $100's of billion more. The other insurers want bailout money. The major home builders want bailout money. This is insane.
If we really were engaging in free markets, the failing companies would be allowed to fail and stronger companies that were run intelligently could take their places. Pretending that growth will be constant and unlimited isn't part of a free market system, it's just a scam that the scammers themselves ended up believing. If we're going to have a market, let's have one, and let it really work. If a company can't do business, too bad.
Well, don't be afraid, CHANGE is coming but like Paul Krugman mentioned - couldn't we maybe move it up a bit before all the money's gone? Never mind. Soon it will be sunshine everywhere, birds chirping non-stoppingly and, of course flowers and more flowers. It will be a BEAUTIFUL WORLD starting January 21, 2009. Perhaps we can let Alaska secede and invite Iceland to be the 50th state. There are only 300k Icelanders and they're all very well educated and civil.
Okay, gotta go. I have a night flight planned with a couple of old friends and I see one of them coming in for a landing now. I wonder why he looks worried?