Deck Chairs. Titanic.
Yes, the Dow Jones Industrial Average did jump 553 points today, lifting that important index all the way back up to a whopping 8,835...a far cry from the 14,164.53 it saw on October 9, 2007. And while I did promise to keep the blog a PFZ (politics free zone), the deplorable mishandling of the financial meltdown by Bush's hand-picked team leaves much to be desired. I said I reserved the right to delve back into the quagmire that is our Federal government on an emergency basis ONLY, and Center, I am DECLARING AN EMERGENCY!
One day, they are throwing truckloads of cash at pathetic and greedy mortgage bankers and insurance companies – who spends it on lavish spa vacations cloaked as business seminars – and the next day there's Poulson doing a presser saying they blew it on the $700 billion number, which they have determined to be way too low. Oh, and that comes after billions of it has conveniently already been, um, "distributed" to banks who are wallowing in the mountains of cash and "enlarging their footprint" whatever the hell that means.
It's Katrina all over again, only this time, it's not people dying, it's our economy.
Recently, someone I know made a great point about the shady nature of this bailout: With the haste by which Bush, Bernanke and Poulson shoved this "emergency" package down our throats, my friend said this whole fiasco smells a lot like the WMD lies that this bunch used to fib their way into a war with Iraq. With this administration's track record on, well, just about everything, this theory is one that is hard to dismiss, sorry to say.
I get up every morning hoping for some good news. which is non-existent right now. In the aviation sector, it just keeps getting worse, according to this from KOB-TV in New Mexico:
"The employees of Eclipse Aviation learned this morning that they won’t be receiving their paychecks for the last two weeks of labor. Employees at the Albuquerque manufacturing facility say that they were called into a meeting early this morning and told they would not be receiving paychecks. Some employees leaving the early morning meeting expressed anger, frustration and uncertainty before speeding out of the facility's parking lot."Great. One of our biggest VLJ makers is now on a death watch by the traditional media. The trials and tribulations at Eclipse would take hours to write, and this latest development does not bode well for the relatively new maker. But if you think the legacy makers are fairing any better, you'd be wrong:
"Cessna Aircraft Company had some unwelcome news for employees Wednesday, two weeks before the start of the holiday season. Approximately 665 workers will soon be handed their walking papers at the planemaker's facilities in Wichita, KS and Bend, OR. The layoffs will go into effect in early 2009. The Wichita Eagle reports about 500 workers in Wichita will receive their 60-day notices in the next few weeks, along with another 165 workers in Bend... about 1/3 of that facility's workforce."If you've been wondering just what the hell they're smokin' back there in D.C., seems Sarah Palin – yes, her 15 minutes are not quite up yet – may have the answer, according to several sites including this one:
"In response to the proposed changes, announced yesterday by Treasury Secretary Henry Paulson, Palin expressed frustration on behalf of a weary electorate and offered a stern warning. In her speech this morning, Palin alluded to the bailout and voiced her growing concerns about Washington's addiction to, as she put it, "opium" -- O.P.M. - other people's money."I guess they'll get this bailout garbage fixed when pigs with lipstick fly. You betcha'.