It is a good thing that diaries are in writing, because right now, I am utterly speechless.
From an economic perspective, do we, as a country, have ANY idea what we are doing?
A brief overlook of the history (that which hasn't been shocked out of me--sorry if a little cursory): Last spring, Bear Stearns went down. During the spring and summer, oil prices skyrocketed and the big INFLATION word started being bandied about; then late summer/early fall, Lehman Brothers tanked; AIG was bailed out; and Congress came together for a bailout, such bailout which evidently was not implemented as passed. The bailout was because of a credit crunch (which has since been pronouced resolved because the Libor has become much more normal). At some point, perhaps TARP, we increased FDIC insurance deposit maximums. Sales of GM drops 45% from same month last year, and I won't even try to describe the presentation in Washington. The execs were sent home to determine where they were, where they were going, how they were going to get there and how much it was going to cost (ummm, shouldn't someone have forseen such information as valuable). We then spend two days talking about deflation and the rise in the value of gold (ok, and Nazi wheelbarrow analogies come to mind). Citibank, a 20+ billion market cap company, pronounces that they are fine but will cut $50,000+ jobs on Monday, some Saudi prince ups his share Wed; they are headed to the future on Friday and only to be bailed out on Monday by the GOVERNMENT. And at such time, it is announced that there are other banks in jeopardy.
What in the heck is going on?
Remember back to the "long weekend" and rumors that Paulsen was begging at Pelosi's feet. Exactly "what" information did they have? Is this weekly dancing around about bailouts deep gut emotional attempts to resolve a much larger crisis that we haven't been informed about. Is the sun falling? Was Fort Knox robbed of all our GOLD?
As a citizen of the United States, I want to know the following:
A. Where are we economically? This dripping of crisis is really annoying and degrading. For two weeks, instead of economic bailouts, I want mandatory economic reports (sure, I know some of this stuff is secret. . . but desperate times call for desparate measures.
B. I want to know what it means to "fix" things. To me, "fix things" means to support companies and industry that are relevant and necessary to our future (but I am not talking about "bailouts" --throwing money at people and "saving" businesses that are failing) and supporting individuals misplaced or economically severely burdened by the economic recession. "Fixing things" to me includes Obama's New Deal type idea.
C. How much is it going to cost to "fix" things? How are we going to pay for it? If it includes the word "deficit," how and when are we going to resolve that.
D. What is the plan to "fix" things? What are the priorities and timelines?
Quite frankly I have had enough of Washington and parts of NYC and other parts of the country. It is time for our leaders to quit acting like rodents scattering every which way when the light is turned on in the barn and to start LEADING this country. CHAOS is certainly not becoming to us.
Am I the only one driven insane by the lack of direction?