Oh the humanity

Hang Seng down 5.4% today, the worst 1 day drop since 9/11. B, b, , but I thought subprime was contained. Mr.Kudlow? Mr.Paulson? Mr.Bernake? Any comments. Any mea culpas? No, of course not.

What do I know? I'm just a member of the doom and gloom crowd. I'm no expert or nuthin'. I just predicted everything that would happen over the past year. Housing is in a tailspin. Stock markets are in free fall. The country is in a recession. Oil is hovering near $100. Gold is at $100,000,000 or something like that. OK I was slightly off on that on and I still think gold is over valued long term. But other than that, while every CNBC talking head was scoffing at the "doom and gloom crowd" and predicting nothing but sunshine and lollipops I and other members of my club were speaking the truth.

And my message this morning to CNBC is "told you so beatches".

Now the very same idiots who 6 months ago said all is well, buy houses, buy stocks, buy iPhones, are saying western civilization as we know it is about to end. That is of course unless Benny B rides to the rescue with a massive, stagflation inducing rate cut. Those cretins were wrong then and are even more wrong now.

The only thing to do is let this recession run its course. No stimulus package. No rate cuts. No tax cuts. No extra spending. No increase in unemployment benefits. No housing bailout. No mortgage rate freeze. No nothing.

Who am I kidding. The dynamic trio of Pelosi, Reid and Jorge W. Arbusto will trip over each other showing that they care. As any economist will tell you stimulus packages are useless. Any fiscal stimulus takes 6-9 months to have an effect on the economy. We are in recession now. By the time the dynamic rip agree on how best to waste my tax dollars it will be March or April. So the effects of the proposal won't be felt until sometime in early 2009. By then the economy will have started growing on its own. So all this will do is create un-necessary inflation in 2009.

But again, I'm no expert or nuthin', just a member of the doom and gloom club.