Well, which is it?
Yesterday, we saw the Dow melt down and America lost over a Trillion dollars on paper. That’s “T,” for Trillion. As famously said, but paraphrased for our ‘interesting’ times, ‘a trillion here, a trillion there . . . pretty soon you’re talking about real money!’
The talking heads of cable media are tongue-wagging us into the panic that we are regularly being promised if this or that bailout does not pass. And, panic is usually what it’s all about. Markets move on emotion. Not the kind of comment you hear daily: ‘the market today slumped on news of . . . this or that.’ And, you wonder, how exactly do all those huge computers trading for giant investment houses really know enough to connect their trades to that day’s news, all neatly packaged with a big red bow for the six o’clock sound bites?
Republicans blame Democrats. Democrats blame Republicans. Lots more sound bytes.
So, is the sky really falling? If you watch enough financial news, you come away wondering. Sure, we have overspent ourselves royally this time. No doubt, we have drunk the Kool-Aid of low interest rates, “liars loans” and soaring real estate prices. But, is this really the end of life as we know it?
I sincerely doubt it. And, it looks to me from my green Laz-E-Boy recliner this morning as I devour the latest news, that segments of our country doubt it too. Those doubts are being broadcast loud and clear to the Congressmen and -women who are laboring mightily to come up with a rescue for the financial markets. Those Representatives, who are facing elections in a little more than a month from now, are being pressed, and pressed hard, by their constituents on these issues, and this is the make-it or break-it issue for many of their political futures.
Does it help for the doomsayers to shout from the rooftops that, if this or that bill is not passed, our entire economy will vaporize? Then, a day or two later, your ATM card still works, you can still buy gas (unless you live in the SouthEast, where they are in 1974-style, long gas lines because of a hurricane named Ike), life goes on.
Here’s a thought. How about we put the histrionics on the shelf and get down to business? As I write this, the Dow is up nearly 200 points after yesterday’s bloodbath. We need to re-structure our economy, not “bail out” or “rescue” anybody in particular. We need to re-structure our whole economy for the 21st Century Global world in which we find ourselves- all of us; together. This is hard and not glamorous work. It does not lend itself to sound bites or media hysteria and inducements to panic.
Can we please roll up our sleeves, cut the drama a bit, and get down to business already?