So, according to CNBC, the rally today is due to two things. First, the typical dead cat bounce. Second, the SEC is thinking about changing accounting rules so they can inflate the value of certain assets: The SEC and Financial Accounting Standards Board instead said banks should apply rules that require them to review their …
Archives for September 2008
500 Points
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 …
Obama Releases Kinder, Gentler Ads
A Mental Health Break…
Country First, My Ass
For days, it has been obvious what the GOP dream scenario was- have the bailout pass, but with predominantly Democratic support, dub it the the Bush/Pelosi/Reid/Obama bailout, and then run against it. This is the plan that Gingrich and Ruffini and the other next generation Republicans have been salivating over. This was their big chance. …
Let ’em Fail
Time Magazine comes out against the bailout, for the most part: Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities. In fact, some versions of these instruments are imaginary derivatives. These claims overlap on the same types …
Heads I Win, Tails You Lose
I missed this yesterday, somehow: Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition – hours before the vote failed and stocks tanked. Shortly before the vote, McCain had bragged about his involvement and mocked Sen. Barack Obama for staying on the sidelines. “I’ve never been afraid of …
Stop Pitying Her
So says Rebecca Traister: Sarah Palin is no wilting flower. She is a politician who took the national stage and sneered at the work of community activists. She boldly tries to pass off incuriosity and lassitude as regular-people qualities, thereby doing a disservice to all those Americans who also work two jobs and do not …