DangerDave has posted another great post full of intelligent calm regarding the economy. Check it out. I’ll be paraphrasing the finer points here.
It was almost exactly one year ago that the Dow broke 14,000. Back then, I wondered when the correction would hit. Just like back around Y2K, when the dot-com boom artificially pushed up the stock market, big peaks in the market are usually followed by bigger drops. Here, let me show you.
In 1987, we had “Black Monday” a huge one-day correction. It was the end of the world… except not. Between 2000 and 2002, the dot-com bubble burst and 9-11 punched the economy in the jimmy and we went to war. Over two years, the market shed 38%. It was the end of the world… except not.
A year ago, the market, buoyed by a lot of bad lending and an inflated housing market, hit 14,000 points for the first time ever. At this point, I started looking for the end of the world. It has arrived… except not. This is a correction. Corrections happen. The market continues to go up over time. There’s no reason to expect it will not continue to go up throughout our lifetimes.
As much as the Liberal-pinko-stinky media (and their favorite Liberal-pinko-stinky politicians) want you to believe otherwise, the U.S. economy is sound. All of the economic indicators that are used to define a recession are UP!
MSN’s Money page has gone so far as to add a “Financial Crisis” tab to their website where you can find articles like, “Surviving a financial panic,” “What if your bank fails?” “A survival guide for the unemployed.” I wonder if that last article talks about selling apples out of a basket for 10 cents a piece. What a farce!
If you think I’m making all this up just because I’m a conservative, look closer. According to the dems and the media, this is a huge crisis! “If we don’t bail out the market before Friday we would see the Great Depression II.” (That was last Friday) Then it was, “If we don’t get this passed by Monday…” And now it’s Tuesday. The bail-out bill failed (with 95 dems voting against it). The market is up over 300 points! And Pelosi has sent Congress home for the Rosh Hashanah holiday. WHAT??!! If this is such a huge crisis, don’t you think we might need to work through Rosh Hashanah? Well, guess what. This is NOT a crisis. This is a completely fabricated, election year, puppet show.
So what about Bush (and McCain for that matter)? The single, foremost point on which GeeDub and I have failed to see eye-to-eye is on big-business. It was the big-biz lobby that led Bush’s (and McCain’s) pro-immigration-amnesty push a while back. It’s equally clear that the big-biz lobby has pushed Bush (and McCain) on this bail-out bill. Why else would he be making so much noise about getting this bail-out through? Doesn’t it seem a little weird that Bush (and McCain) and Pelosi (and Obama) are saying a lot of the same things? That stinks like week-old raw fish and I don’t like it.
Huck doesn’t like it either. Check out his blog post:
Frankly, I’m disappointed and disgusted with my own Republican party as I watch them attempt to strong-arm a bailout of some of America’s biggest corporations by asking the taxpayers to suck up the staggering results of the hubris, greed, and arrogance of those who sought to make a quick buck by throwing the dice. They lost, but want the rest of us to cover their bets so they won’t be effected in their lavish lifestyles as they figure out how to spend their tens of millions and in some cases, hundreds of millions in bonuses and compensation which was their reward for … sinking their companies…
Amen. Put away your pitchforks. Douse the torches. Don’t sell your 401k. Go back to work. Keep producing and consuming and buying and investing just like you’ve always done and things will be just fine (so long as you vote Republican and get rid of this useless Pelosi Congress).
Now, I’ve got to get to work because this little post that was supposed to just be a link to DangerDave has gotten completely out of control.
RSS 2.0
