First, a disclaimer. I am both very affluent, and invested. I own two homes, one of which is undergoing substantial renovations, paid for in cash. Indeed, everything I purchase is paid for in cash. I do have one credit card for convenience, which is paid, in full, every month. I am not in debt. The various fluctuations in the market do effect my capital holdings, but do not have any impact on my over all well being. I have a tiny SS check which would not cover my utility bills. I'm very healthy, and health care is not my personal issue. This collection of circumstances, not all of my own doing, makes me very reluctant to comment on the current market crisis but I really can't help myself. I am a Liberal who feels I am my Sister's Keeper, and I care very much about the same issues that move you, because we really are all in this together.
The growing panic among the money changers is all your fault. Just ask them...
Does anyone else see a further division between the Two Realities, here?
CNBC, MSNBC, CNN, and Bloomberg TV are parading a group of commentators who lay the blame for the bailout failure at the feet of a stupid public, a public that "just doesn't get it". They are desperately trying to convince you that if you have the temerity, in a Democracy, to contact your Representatives and express disapproval for this Bill, you are cutting off your nose to spite your poor face. Why would they do that?
One of the techniques that is flourishing at the moment is to try to defend this bailout by overwhelming you with technical issues. Stopping shorts, mark to market, the LIBOR to TED ratio, you won't get a loan, businesses will fail, you will loose your job, the sky is falling. See? You just don't understand and should step back and let the experts make these decisions.
Then, there was the thrice mentioned comment on Bloomberg and CNBC yesterday, that the market might well try to convince Congress of the seriousness of the situation by a giant sell off. Imagine that! The Big Money has the resources to move the market to make a political point and if your 401k, or pension, or Money Market accounts take a big hit, well it's for your own good, after all.
Little John Boehner blamed the bruised feelings of his Hot House Flowers for failing to do his job as Minority Leader. John McCain blamed Barack Obama for...something or other. The Democrats blamed Paulson, the President blamed Congress, and the markets blame you.
If you step back for a moment it is very difficult to view this whole dust up as any thing more than just another insider game that failed to achieve the desired results. And, it's all your fault.
I have been reading every bit of technical information, both here and in the press, as well as monitoring the net and switching between the financial channels on TV. It is clear to me that the very people who drove us into this ditch are now trying to place the blame on everyone but themselves. They made a mess and it's your fault. They are losing money and it's your fault. Their toys are being taken away, and it's your fault. If the mess, driven by greed and stupidity, explodes in their faces, IT WILL BE YOUR FAULT.
There are no disinterested players in the public sphere. There are no disinterested observers, and no disinterested commentators. Everyone who opens their mouth on the financial markets has a horse in this race and if they lose, it's gonna' be your fault...
Shrouded by their millions, they have no compunction against bringing down the whole house of cards, and punishing those of us who live on "Main Street", here in the "real economy", to cover their losses. If they can't pull it off, believe me, it will be your fault.
I have read every comment, in every financial diary, during the past two days. (Yeah, I know, I know...) I have learned that there are people here who know a lot more about the markets than I. What I don't know is the degree of their personal interest in insuring a specific outcome. One that might well protect their own interests at the sacrifice of mine, and yours. That old saying, "If you can't dazzle 'em with brilliance, bamboozle 'em with bull shit" is suspiciously creeping into the whole discussion.
One thing I do know. This is not our fault. We did not set up the conditions for this mess. We did not play in the hedge fund, sub-prime, toxic paper sand box. And, whatever the outcome, exercising our democratic right to tell our Representatives to vote the package down, does not make this our fault, either.