Oil is down to $92. Pretty good. As I said many times here oil was in a bubble of its own and was due for a massive correction. Nobody in the MSM will bother telling this story though since they are so pre-occupied with Lehman Bros. And I will bet before yesterday, 80% of the so-called reporters out there had no clue what a Lehman Brother even is. I'd guess 50% still have no clue what it is (was) or what it does (did).
And now of course right on schedule Benny B will lower rates again. Lowering did jack shit in late 2007 and did about the same this year. Hey I know, Benny. Why don't you take a play out of Greenspan's play book and lower all the way to 1% like he did in 2002. That worked out so well didn't it. Oh right, it did cause the housing bubble and crash that is the root cause of all this mess. But why let pesky facts get in the way of a good hyper inflation inducing rate cut?
The scary thing for me is not that Lehman Bros. collapsed. I couldn't care less about that. However this overreaction by the media and government is the really scary shit. After Enron, we got Sarbanes-Oxley, quite possibly the worst piece of legislation written in the past 100 years. I can only imagine the insanity of a bill that will be hastily written and passed to "fix" this problem. By this time next year the financial markets will be so regulated you'll need a blood sample and 3 references to get an Exxon credit card.
And even scarier, the rubes are going to think the Muslim from Jakarta will have the answers with his class warfare, soak the rich socialist bullshit policies. The MSM is doing its duty of course. You see, idiot home "owners" making $40K buying $750K homes are victims in all this. The true villain is Bush since he made them do it. And even though McCain is and has always been the anti-Bush, he is to blame as well. Probably because he doesn't spend 10 hours a day on Twitter as the Muslim from Jakarta has pointed out.
And that's where today's American society is. Its citizens vote for whomever Hollywood airheads tell them to vote for. They believe without question a never ending lying media with an socialist agenda.
At least the French are quasi-communists but they have some of the benefits. Sure they have never ending double digit unemployment and a 50%+ marginal tax rate. But they also have 8 weeks vacations, 35 hour work weeks, "free" health care, and nobody really works there when they are at work. Americans on the other hand are also close to the quasi-Communist state but with none of the benefits. They will have the 50%+ marginal tax rate next year. But they won't have 8 weeks vacation. If they have 3 it's a big deal. They'll still be working 40+ hour weeks and eating crappy cheese too. The "free" health care will be free for the very poor, just like it already is. The middle class will still pay for it in one way or another. And after having elected a Muslim as commander in chief, Americans will be paying gazillions of dollars on the military to protect its citizens from Muslims. Now that is some fucking irony.
I never thought I'd say this, but the French have outsmarted you America.
He did it. Another $70B printed and thrown down the drain. Looks like there is no sanity left anywhere in Washington.
WASHINGTON - Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped another $70 billion into the nation's financial system to help ease credit stresses.