It's sure been a roller coaster ride. Last Monday was Black Monday, where stocks dropped to their lowest point ever, but by Friday they had recouped the loss. But by the following Monday, the Dow closed down 372 points, eliminating Friday's gain.
With all this chaos, global investors are fleeing the dollar.
Ahhh but fear not! The oil tycoons can rest easy because oil prices spiked more than $25 a barrel, before falling back to settle at $120.02- up $16.37 on the New York Mercantile Exchange. That shattered the previous record for a one day jump in crude oil:$10.75. Whew! I was worried that the Oil Tycoons might suffer a loss in their record breaking historic profit margins. The upper crust should not be made to suffer. Take the McCain family, for instance, with a fleet of 13 vehicles, and 7+ estates, these folks will have to muddle through these hard times. I lie awake at night worrying about their fate.
The 15 nation Euro us up $1.48- it' s largest single day move against the dollar since the European currency began in 1999. The British pound is way up, as is the Japanese yen.
The price of gold soared.
The current GNP chart. We need a fix cause' it's going down.
We shall see if Paulson pulls off this magic act. A former Wall Street high roller himself, he wants total immunity to do whatever has to be done to get the finances/economy back in order.
It IS a circus of sorts... Ladies & Gentleman...allow me full immunity to do whatever I deem necessary as long as there are no legal repercussions or oversight.
Maybe the best news in all this is that it IS an election year. Any Congressional Mad Hatter willing to write a Carte Blanche check to Paulson is very likely to get the boot in the next election.
Oh! In this difficult time, President Bush knows many Americans are wondering about the security of their finances. The White House web site assures us that every American should know that the Federal Government continues to enforce laws and regulations protecting your money. Through the Federal Deposit Insurance Corporation, every savings account, checking account, and certificate of deposit is insured by the Federal Government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit. This will not change.*
*Unless the government totally screws up, and in a panic gives out corporate welfare, sucking the reserves dry, and leaving the country in Bankruptcy with additional bad debt.
(Ok I made this addendum up, but they really should add it, don't you think??)
So that's all for my recap of the topsy turvy world under the Regime of George Bush.
By the way, if the government is serious about bailouts, check out the people living in the post Ike hurricane zone in Texas.