Monday
Sep152008
It's days like this I'm glad I'm in PR, and not an investment banker*
Monday, September 15, 2008 at 09:14AM I'm not going to give any analysis in the financial market meltdowns this morning -- to quote Barack Obama, that's way above my pay grade.
But it will be interesting to see how how the news of Lehman's bankruptcy, the sale of Merrill, and now AIG's liquidity problems will play out in the campaign over the next few days.
In theory, this should give the Obama camp an opening to talk about the economy, but so far they've shown no inclination -- amazingly -- to make this election a referendum on the economy.
On the other hand, McCain can make a strong argument that with the financial markets in total chaos, and seemingly no light at the end of the tunnel, this would be the absolute worst time to raise taxes, which heretofore has been the cornerstone of Obama's economic plan. Perhaps the McCain camp will seize upon this news to drive home Obama's tax raising ambitions.* The other 364 days of the year I pretty much wish I was an investment banker. Just not today.
Reader Comments (5)
If you were an investment banker, you could have retired on Friday.
It's time to stop government bailouts. They started this mess in the first place. What does the government know about business? Most of Congress hasn't spent a day in the real world (and to that I say: TERM LIMITS NOW!) I put the blame on both parties.
To quote the late, great Ronald Reagan: "The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.' "
Gee, In, it was mass corporate deregulation brought on by 8 years of republican legislation that in part is the cause of the Wall Street collapse now and in the past year. You are right, why would we want to go back to the government for help. I am sure McCain ("i don't know much about economics) and Palin (I once bartered moose hide for 4 lbs of beef jerky) will bring back the right answer to what is ailing out economy.
"Greed is good."
-McCain/Pailn '08
Mitchie, i'm not following your logic. Where's the deregulation in FS? There's been a capital holding requirement (Basel Accord) in place since 1988. Simply put, the banks took a gamble and assumed too much risk. This is a free market, it needs to correct itself. If that means consolidation, so be it. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Why should American taxpayers foot the bill in April to bail these firms out today?
Greed is right, greed works.
less gov't oversight = more corporate risks in fin svc space. it was bush policies that got us in this position, and now gov't has to clean up the mess. greed is good, just ask enron employees that lost their nest egg...and the list goes on. i'm not worried though, Palin will make some strong inroads her.e
The same oversight has been in place forever. The Bush adminstration didn't strip the banks of oversight. If you're asking for more regulation, that might not be a bad thing, depending on the scope of regulation. Sometimes, regulation, as in SARBOX, is more trouble than it's worth. The question is about the gov't stepping in to bail out the firms. If you're in favor of such gov't involvement I think you'd be happier living in Moscow. Send me a postcard.