Okay, so I lied. It turns out starting a new job is a little bit busier than I had anticipated, and I was not able to get posts in for the first two days of October. My bad. From now on, posts every day. Except maybe weekends. And holidays.
It seems like most people today are watching this bailout vote. And they should be, considering each and every one of us has a $2,000 stake in it. I won't pretend to understand the mechanics of this bailout, but it seems to me that we (as in, US) will borrow $700 billion dollars (from China, the Middle East, etc) to buy lots of bad debt from our large banks and investment firms. So when our neighbors default on their sub prime mortgages we will default on our loan from China. The way I see it either we'll have horrible credit in a couple years and be forced to borrow from shady countries like Malawi or Finland, or we'll all be speaking Mandarin when the Chinese repossesses our country.
Anyway, back to the point at hand. Like everyone else, the stock market is watching the bailout vote closely. And it cracks me up because our markets, which are usually ascribed macho animals like bears and bulls, is acting like a squirrel. That's right, the market is a tad squirrellish today. We have brokers sitting on the floor right now timidly bidding the market up, like a squirrel trying to snatch an acorn in an open field. "Do I want the stock? oh I want the stock. can I have the stock? I'm gonna get the stock." Right now the market is up about 200 points, fueled by wishful thinking.
I guess we'll see what happens. If the bailout is rejected, stocks will drop precipitously once more as the bears eat the squirrels. If it passes, the squirrels have already spent their wagers on optimism and the resulting climb won't be nearly as exciting.
Damn squirrels.
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