What the hell are we talking about?

Taking a step back to get a broad view of the economy…  If not for government intervention, Freddie Mac and Fannie Mae would have failed.  The anti-government free marketeers of the financial world should take note of this, because without government intervention the failure of these two mortgage lenders could have caused a consumer run on banks that would have prompted the next Great Depression.  Lest we think that this crisis hasn’t effected the markets: Dow has dipped below 11,000 points today (and it’s only 11:00am — it could dip further by the end of the day).  As of this minute, this graph tells me that the Dow Jones Index right now is at the same level as when Bush took office in 2001.  In other words: any financial growth experienced during the Bush administration is gone.  

In financial news from another industry, GM will be cutting most of its assets.  Also, inflation is growing as fast as it has in nearly three decades.

All of this is huge news.  Huge.  How else would you define the near collapses of our financial system and automobile industry at the same time?  Yet when I goto Memeorandum to see what bloggers are talking about, when I search the page for “GM” and “mac” I find nothing.  Searching for “mae” finds a couple things, including this stupid piece by doughy pantload wondering how the GOP can use the collapse of Fannie Mae to their political advantage.  (Nothing like seeing conservative policies fail during a conservative administration and watching them still pathetically try to blame us.)  Other than that, all bloggers are talking about is the presidential race.  The top item at Meme right now is what O’Hanlon thinks about Obama.  Who the hell is O’Hanlon and will we care about his thoughts a week from now? Don’t bother answering that — it was a rhetorical query. 

Do any of us feel ashamed about this? 

2 Responses to “What the hell are we talking about?”

  1. just mean belgium and China gone own all of our houses soon too

  2. tas says:

    Belgium just got Bud. I wonder if that acquisition will make piss taste better?

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