TWTW

This is the week that was. Just phenomenal. From the campaign gaffes to the Wall Street melt-down.
As today's New York Times says---the sound of the bubble bursting. http://www.nytimes.com/2008/09/21/weekinreview/21leonhardt.html?_r=1&ref=todayspaper&oref=slogin
I've long subscribed to the theory that when a country/economic entity begins to make money by making money, i.e., letting the financial sector become dominant over the manufacturing or other sectors of the economy, decline results. The dotcom correction, the housing bubble, the trade deficit, and now the latest financial snafus illustrate this. I wonder how many people with money in various funds, saving for their retirement, can define financial derivatives, cdo's, tranches, hedge funds, or the myriad other "financial products" they are involved with, wittingly or not. Let alone understand them. And now the government is going to spend something like $700BILLION to $1TRILLION to buy these tarnished "investment instruments". That's OUR money!!!!! If the Federal Government can raise this money for the purpose of rescuing financiers-turned-gamblers it can certainly raise this sum to fully fund the Social Security endowment and Medicare so poor working people don't have to trust their retirement savings to those same gamblers, which is what the privatization of Social Security is. I believe the money would be better spent in this way and in reimbursing small investors for their losses thanks to the financial mismanagement of their investments by these same gamblers. John McCain has voted to privatise Social Security. He still believes in this. I'm sure Sarahcuda has some canned response along the same lines.

I live in a region of the country where "NOBAMA08" bumper stickers significantly outnumber the ones that read "IF YOU ARE NOT OUTRAGED YOU ARE NOT PAYING ATTENTION." Perhaps this week will get more of these people to pay attention.