I'm normally not one to pontificate on political matters, but hey, my retirement account is taking a hit! This bailout of these key financial institutions is sending up red flags for me. I know something needs to be done quickly, but I think our president and congressmen are in the knee-jerk reaction phase. It seems to me there should be a way to entice public sector money to swoop in and facilitate the buyout. To mix metaphors, these institutions are wounded ducks, ripe for the picking! And as for the political grandstanding going on, McCain had a play to make here, and I think it was the right thing to do for his campaign, but he has played it poorly and is coming off like an oaf. Obama is kind of milling about in Washington because that's where McCain went, but he really has nothing to do, so he also is coming off as inept. And thanks to our American media, we're getting a smattering of unrelated soundbites from Sarah Palin sounding dumb as well. I'm not aware of what Biden is doing, so that's clearly in his favor.
Ultimately, I'm glad we're not taking the first deal to come along. I want to get this as right as we can. And I want capitalism to come to the rescue, not the federal government. But it doesn't look like that's in the cards. But who knows?! I don't expect any deal for a few days. I doubt it is in place by Monday. I really am not worried about a "panic" either though.
What if...
What if we rode this out and let the natural progression of a capitalistic economy process this downturn. I wonder what would happen. Depression? Probably. But I heard a line in a movie that actually resonated with me. I'm paraphrasing here, but, "It's only natural for an overgrown forest to have a purging fire." But if it means I'll go broke in the process... well I wouldn't be fan. Pun intended.