I’m not convinced we’re in as much trouble as Wall Street would have us believe. Today, the DOW is up 500 which, to me at least, means that the markets are only 200+ points less confident than they were yesterday. More importantly, the S&P is up 61 points. Go with me here. Also, understand that I have no idea what I am talking about…
I think we’re being played. I think that the bigwigs on Wall Street decided they were going to make as much money on the mortage market as possible. Nothing wrong with that, except for the part that was fraud. Honest people made money too. But what’s going on now is a bunch of people telling us the sky will fall if we don’t act. I don’t believe this. Maybe it should be tougher to get credit. Maybe it should be tougher for businesses who count on short term loans to meet payroll to get those loans. Maybe they should revise their contracts to get more money upfront and not count on loans to meet obligations that should be met just by making money.
This is a major correction, and perhaps we’re due for this. If my 401k has to take a hit, then so be it.
I just don’t believe that this is as serious for everyday people as the powers that be would have us believe. If it is, then more regulation is the answer. Throwing money at it is not. I’m told that I shouldn’t use credit to buy luxuries. Sounds sane. So I don’t.
But what the hell do I know? I just don’t trust anyone. And I don’t know what I’m talking about.
And John McCain is a fuckhead, which is probably the only coherent thought in this post.