Gloom, Despair and Agony on Me

Gloom, despair, and agony on me
Deep, dark depression, excessive misery
If it weren’t for bad luck, I’d have no luck at all
Gloom, despair, and agony on me

It’s almost entertaining to listen to tales of woe and Armageddon from the mainstream media and other sources this week.  It’s WMD all over again, folks, and there’s no end in sight.  For example:


Are we talking about Wall Street losing it’s ass, or are we talking about something important here?

Just one of dozens of snippets I’ve noticed from our friends in the media.

Multiple sources said McCain didn’t say much. Two Democratic leadership aides said he didn’t speak until 43 minutes into the meeting.

Wow.  Up somebody’s ass much?  Seriously.  Obama keeps talking about injecting Presidential Politics into the bailout process, but that side of the aisle seems to be the ONLY side actually doing it.  43 minutes?  Are you serious?

Personally, politics is politics, and this whole thing is nothing BUT politics.  As “average citizens” have a chance to sound-off on this, it becomes clear that not only is a bailout unnecessary, it’s inadvisable……

Alas, Obama will vote to bail-out these elite, corrupt, greedy Wall Street Moguls.

McCain probably will too – his best move to get votes, however, would be to say NOT ONE THIN DIME.

Thursday, September 25, 2008 | 11:00 PM
By Ben Bradley

Members of Congress aren’t the only ones fighting the bailout plan.

Some Chicago economists are leading an opposition movement to get lawmakers to consider other options.

Two economists lead the opposition movement, one from the University of Chicago, the other from Northwestern University. And Thursday their concerns were brought into the White House meeting.

Senator Richard Shelby went to the White House armed with a letter. The letter is signed by 200 economists, including three Nobel Prize winners, and warns Congress not to back the bailout.

Kellogg School of Management Associate Professor Paola Sapienza organized the economic “write-in.”

“Thinking this is the only way would be a mistake for Congress,” said Sapienza.

Sapienza and the others find fault with the Paulson plan for three reasons:

  • Its ambiguity: Very short on specifics and oversight, they say.
  • Its fairness: Because taxpayer’s will be subsidizing the risk investors “chose” to take.
  • And it’s long-term effects: The economists say paying for it will take a generation.
  • “Ben Bernanke likes to say there are no atheists in fox holes, well General Bernanke just called in from the fox hole and said we want a nuclear strike. It’s that radical and we’re going ‘is it really that bad?'” said John Cochrane, finance professor, University of Chicago.

    Prof. Cochrane says despite what you hear from Wall Street and Washington financial armageddon is not upon us.

    “Before you go nuclear I think we need to know if there’s something really bad out there they’re not telling us about,” said Cochrane. Both Sapienza and Cochrane say the Bush administration is hyping the urgency with which Congress needs to act. They believe the markets can hold their own for a week or two or three and give congress time to determine whether such a big bailout is essential.


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