Category — financial markets

Things are bad in the financial markets.  Don’t believe me?  Money markets seized up again today.  Historically, money markets were just a step above cash in your mattress and government instruments on the risk profile.  Anybody with any sense is rushing to safety in the credit markets and things are teetering on the edge of disaster.  Last week the markets were a scant 500 trades from a total meltdown.

And as someone who’s watching his 401K balance crater and his neighbors get layoff notices, I appreciate John McCain’s willingness to suspend his campaign and return to Washington to push a plan through.  Moralize about the CEOs, bad banks, and foolish people who bit off more than they could chew on their loans all you want, but I don’t think that changes the fact that something needs to be done.

Is that something Hank Paulson’s plan?  I’m not sure, but from all the misguided attacks on it, most people haven’t even taken the time to examine it.  The government is not giving Wall Street fat cats $700 billion.  It is purchasing mortgages in the hopes that the government sitting on them can help stabilize the housing market and get the financial markets lending again.  It seems reasonable to me and a plan that might potentially net a profit if housing starts appreciating again.

And as for Barack Obama, somebody give him a map showing him where the Senate is and the keys to his office.  He’s done nothing, but run for the presidency since he entered office, and it’s inconceivable that we’re facing a financial meltdown and he wants to press on with discussions about foreign policy.

We know Obama likes to talk about leadership in front of his Teleprompters, but now would be a good time to demonstrate some.  Win or lose, nobody can say McCain doesn’t have the courage of his convictions and a desire to put his country first.  If you want change, McCain has cornered the market.

Update:  Apparently, the focus groups frowned on Obama’s continued campaigning.  He’s agreed to meet the president and McCain in DC.