When I wrote yesterday about "uncertainty" in the retail atmosphere, it was before the 'bail-out' bill failed. I expected them to fix the short term crisis so we could continue on our national profligate self-destruction. Interesting mix of right and left populist politics scuttled the bill.
Unfortunately, they'll probably still pass the bill, after more damage is done. I'm thinking, now that they've gone this far, let's live with the consequences.
I've tried to get worked up and worried about this, but can't quite get there. I've always been a bit of a sucker to being told it's an "emergency."
But Bush and his cronies just cried wolf one too many times. And it stuck in my craw that it looked like to me that money was going to Wall Street. I just don't trust them to structure the bill so that most of the money wouldn't go to the fat cats.
The stock market? A bunch of ninnies. They did themselves no favors in my eyes when the stock market actually went up on Thursday in anticipation of the bail out. It smelled. And yesterday's drop looked like a tantrum.
I am almost convinced that the market will go up today. Like I said, ninnies.
The credit market? Again, all I can see it that they'll loosen credit for the big banks, but most of that won't trickle down to the regional or small banks, and certainly not to the small borrowers.
As a small businessman, I really should be hoping they do something to settle the uncertainty.
But damned if I trust them.
5 days ago