Chris in Paris, AmericaBlog.com: McCain and Cheney are both visiting Iraq, highlighting their commitment to that black hole of spending. Bear Stearns has just had to be bailed out and sold and there are bad rumors everywhere about a few other overstretched, poorly managed Wall Street names including Lehman Brothers and Merrill Lynch. It's obvious that a bailout/rescue/money pit is being geared up for those companies as well, possibly others. These are the financial institutions that were chugging along with major assets.
A bailout is not going to be cheap so where is the money going to come from? As a country, how can we afford Iraq, Wall Street bailouts plus the normal services that Americans want, need and deserve? It's obvious taxes now have to go up thanks to Republican mismanagement of the economy but that's only just the start.
World markets respond to Bernanke's latest knee jerk rate cut - and it ain't pretty. The dollar crashes to yet another new low, oil jumps yet again and all of the major markets in Asia and Europe are selling and deep into red. We are all supposed to be impressed because Bear Stearns execs are being shoved out the door without the usual golden parachute. Sure, it's a start but considering the money they've all made from pushing junk the last few years, it doesn't even matter. Their actions went well beyond not deserving a golden parachute.
But hey, Wall Street can surely drum up a few more laughs about Spitzer. Did you know he had sex with a prostitute? Keep talking about sex so Wall Street, the Fed and Paulson can pull a few more fast ones on all of us.