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Tuesday, September 16, 2008

the sky is falling

Holy cow, things seem to get more dire by the day. WAMU was trading at a 1 handle for awhile today and so was AIG for those of you following along at home. Fun stuff.

Turns out this whole credit crisis is about to hit a lot closer to home for yours truly as my job may now be in jeopardy thanks to the events that unfolded today. (People in the know might now very well know which company I'm working for but since I think mainly only friends read this anyway, I don't really care). Ah well, at least if things really go south it'll come with a severance package and an unemployment check. And I'll take it as a sign from God that yes, it is time to go and get that MBA after all.

There were lots of jokes flying around about our job security in the office today, we all laughed but I'm pretty sure everyone was crying a little bit inside.

Still, things could be worse. Of course, they'll probably get worse so I shouldn't be saying that. It still boggles my mind how most people don't get how serious things are, how it WILL affect EVERYONE and not just those big bad wall street banker types...

And while we're talking about all this, Hot Air has a great post entitled: Whose policies led to the credit crisis? which links to a 2003 NYT article with some awesome quotes from Democrats that make me wonder who re-elected these chumps?? And will they continue to be re-elected even now when it's become apparent how completely retarded and even dangerous they are when it comes to our economy?

"These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

"I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing," Mr. Watt said.

Erm, yeah, as Bart Simpson would say, the ironing is delicious. If only it weren't so sad. Read the whole thing if you care to be well informed on the genesis of this entire crisis.

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wingless was still breathing at 3:34 PM -

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