It is time to stop the hand-wringing over the fact-less, baseless scare-mongering unleashed at the McShame circle jerks. As RandySF has suggested, all this crap is backfiring on the morons.
IT'S THE ECONOMY, STUPIDS! Even Republicans are scared shitless as the credit dries up, banks horde cash, and thousands lose their jobs. The politics of fear work only when you are able to exploit the people's greatest fears. Guess what? Ayers ain't it. The tanking economy is now more frightening than a gay wedding at a terrorist camp.
And things are about to get a lot worse.
Jump
As polecat mentioned in an earlier diary tonight (rec it up, please), either the market finds SOME way to recover Friday, or everything just falls apart. Nationalization will then ensue. There are no more options.
Well, things don't look so good before we start in just a few hours. The Nikkei 225 fell an astounding 9.6% today, the largest drop since the massive crash of 1987. If you think that is bad, well, consider also that the Nikkei is down 46% for the year. Think about that. Imagine losing half the value of your stock portfolio in one year - AND it will likely lose more, MUCH more.
ASIAN MARKETS AS OF 12:29 PST
"This is panic. New York, the currencies -- there's nothing left for us to trust," said Takashi Ushio, head of investment strategy at Marusan Securities.
"Investors are scurrying to convert to cash. A lack of confidence is coupling with panic."
Cash is now king. It is official. No one will lend cash. No one can purchase homes or automobiles, businesses will not be able to purchase ANY machinery, borrow money for inventory for the holiday season, or pay their employees before accounts are settled. In essence, many, MANY jobs will be lost.
So forget about the trivial crap. THIS is what the media will be talking about ALL weekend, ALL next week, and ALL THE WAY TO NOVEMBER.
(I'm going to sleep now. I'm afraid to see the DOW numbers when I wake.)
UPDATE: Euro markets following the lead. Massive sell-off.