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Revealing, Sickening or Scarily Incompetent?

Someone hacked the AP Twitter account today and tweeted that the White House was bombed and Obama was badly injured.

The stock market took a dive.  In a matter of minutes, the market plunged almost 100 points.

That’s not a precedent I would have liked to have set.  Maybe next time, they’ll hack Reuters, MSNBC, CNN, Al Jazeera and the State Department.

(and what exactly were they dumping that seemed to so heavily rely on Obama? Curiouser and curiouser…)

The people who run the economy should be sacked.

Thursday: Who could have predicted?

Black Tuesday 1929

Black Tuesday 1929

The stock market took another dive yesterday on news that there was a limit to taxpayer generosity.  From the AP we learn:

The latest selling pressure has been stoked by a run of bad U.S. corporate news over the last week. Grim news from the likes of department store chain Macy’s Inc. and consumer electronics retailer Best Buy Co. weighed on U.S. stocks Wednesday with the Dow Jones industrial average down 4.7 percent at 8,282.66, its third straight loss.

In addition, investors reacted nervously to the announcement from U.S. Treasury Secretary Henry Paulson that the original $700 billion financial rescue package won’t be used to purchase troubled assets from banks. The Treasury will instead rely on buying stakes in banks and providing more direct help to consumer debt markets.

“News that a plan to buy troubled mortgage assets has been shelved in favor of tackling problems with non-bank and consumer finance is certainly going to heap yet more concern on the market,” said Matt Buckland, a dealer at CMC Markets.

Well, well, well, the very idea that the government would turn its attention to consumer finance instead of buying up worthless assets of banks has prompted the market to take its dishes and go home.  Oh, I’m sure that Dakinikat will school me on how all these things are interconnected and more complicated that it looks.  But it is how it *looks* that troubles me.  Perception is reality, right?  What I percieve is a bunch of predators who’ve been making out like bandits, literally, holding the rest of us hostage if we don’t help them clean out the last stack of dollars from the bank vault.

What’s even more frustrating is the interview that I’d heard recently of Nancy Pelosi discussing the Paulsen bailout bill.  To paraphrase Nancy, “Oh, sure, it wasn’t the best bill we could have thrown together but we never saw this coming so it caught us by surprise and we didn’t have a whole lot of time to react.”  Really?  Well, of course she expects most Americans to believe that.  They don’t have time to research their news obsessively.  But I seem to recall that the financial meltdown and the mortgage crisis were being discussed for going on a year now and Hillary was worried about the mortgage industry back in March of 2007.  We have it on video.

What the heck was Barack Obama doing prancing around Europe like the Fresh Prince of Berlin back in July when the financial $#%* was about to hit the fan?  If he knew it was coming, and how could he not given the history of the movement conservatives favorite charitable foundation- themselves, why wasn’t he back in the US working on heading this sucker off?

The finance industry we once thought of as solid has bit by bit started to melt down to the point that it is now a soft, shimmering gelatin on the point of liquification.  One senses that it wouldn’t take much for the whole thing to collapse.  Maybe I’m crazy but the problem seems to be exponentially worse than it was only a couple of months ago when we thought it was a serious but fixable problem.  Now, it seems catastrophic, like 9/11, the Iraq War and New Orleans after Katrina.  It’s the Bushie legacy.

Who could have predicted?

In other news:

  • Ryan Lizza atones for his lapse of truth earlier this year when he wrote about Obama’s trail of destruction in Illinois but rewriting the history of the Obama campaign.  Yep, they were perfect.  Nothing they did was wrong.  Hillary was a baddie.  She was mean and aggressive.  I know, I know, why would we want to listen to this crap, right? Well, if you don’t know it’s out there, there’s no way to know that you have to set the record straight.  Listen to the interview that Lizza gave Terry Gross a couple of days ago on Fresh Air.  Compare and contrast with the interview he gave Terry last summer.