Talking Politics
Today I give you some positive news because frankly you need it. —Scott Adams
Now, go read the good news.
Brandon Fuller writes at The Big Money:
Generations of Americans have been trained to follow the Dow Jones Industrial Average for a quick snapshot of how the economy is performing or is expected to perform. There’s a lot that’s ill-advised about that habit, but, most importantly, attending to the ups and downs in the Dow won’t tell you much about the current financial crisis. (Source, link in original.)
Fuller suggest instead to watch the TED Spread, which Bloomberg.com charts.
The TED spread started its recent rise on Monday, September 15, 2008, the day Lehman Brothers filed for bankruptcy. Merrill Lynch agreed the day before to sell to itself to Bank of America.
In comparison, Fannie Mae and Freddie Mac going into conservatorship one week before caused barely a blip in the TED Spread.
Financial crises, like wars, give us an opportunity to learn new terms and places. It’s hard to keep up…
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Hat tip. Planet Money.
The Dow lost more than 7% today, dropping to levels not seen since the first half of 2003.
I’ve seen videos that blame the financial crisis on providing zero-down, sub-prime mortgages to people that wouldn’t be able to handle the combination of dropping real estate values and increasing payments. It makes sense to me, regardless of which party is to blame.
I’ve also read we’re in a global financial crisis.
Did a U.S. mortgage policy caused a worldwide financial crisis?
Even if she disappears from the scene forever after a McCain defeat, Palin will still have made an enormous and lasting contribution to feminism. —Camille Paglia
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Hat tip. Dinocrat.
A lot of money was lost and made today, but does anyone really understand what’s going on? Last Monday we were told the market dropped because the House voted down the bailout. Today, the first business day after another bailout bill passes, the market drops again. Now we’re being told it’s a worldwide problem that can’t be fixed with just U.S. action.
I’m starting to feel pretty smart selling some stock a couple of weeks ago to pay for college tuition. I wonder how long it will be before INTC gets back to those levels. (And I wonder how long it will take before I feel stupid for having sold…)
What about you? Are you holding firm in the market? Are you moving your money around? Or are you digging a hole in your back yard to bury some gold coins?
The Internet makes political ads fun. We’re no longer limited to what and when the mainstream media will publish. One good example of imaginative advertising is 30 Reasons, a “a 30-day email and internet campaign to encourage people to vote for Barack Obama.”
Tell me it can’t be true. Following 8 years of disastrous governance, the Democrats field the best candidate this country has seen in generations, against one of the worst the Republicans have ever mustered, and the media’s political pundits would have us seriously contemplate more of the same. Is anyone ever going to learn?
What makes Barack Obama the “best candidate this country has seen in generations”?
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Hat tip. Chris Messina.
It’s a good thing the bailout passed — the Dow’s down only 500.
People crossing party lines to endorse a candidate is newsworthy. Joe Lieberman endorsing Johm McCain is one example, but it’s old news. More recent is Shelly Mandel, president of the Los Angeles chapter of the National Organization for Women, at a Carson, Calif., rally for Sarah Palin:
America, this is what a feminist looks like: Governor Sarah Palin.
It’s amazing that Shelly Mandel* said it. And maybe more amazing that other feminists aren’t.
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*Shelly Mandel was speaking for herself, not NOW.
Hat tip. Kim Priestap at wizbang.