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The stock market plunge reminds Pharmalot of the following true story: As Chicken Little walks down Wall Street, he’s heard shouting ‘The Sky Is Falling!’ Right on cue, a wiseguy broker from Brooklyn opens his window and shouts, 'Sell Sky!' ...Hang on, everyone. And try not to panic.
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4 Comments
Trying to imagine what the failure to pass this bill will mean- I think that it's going to be rocky. I also think that, if people are not allowed credit, the cost of everything must go down. With gas, groceries, and utilities being so high I don't believe that the rise in adjustable rates are the real problem. So I agree that we should not panic. The banks should panic, sure, they are going to have to lend less and will lose a huge amount of interest revenue. If people can't charge they will be forced to make their purchases without acquiring debt. Prices for everything will have to drop to move product. Is that a bad thing? I'm just not sure. *shrug*
Curious how everyone else feels about it.
Im thrilled this Bill was defeated, the language was quite lean when it came to the "so called",.."Golden Parachute". It was a great Bipartisan defeat!
Ed - are you long on gold? Trying not to panic but each day brings more bad news. With a few more days before anything resembling another vote, the south side of a 10K DJIA is upon us and once that psychological barrier is broken, look out. I'll be prospecting in my couch for some change this evening.
Hi Lichstrasse,
I suppose the next big moment occurs when the short selling ban is lifted. I'm not a soothsayer; I simply believe in trying to be as rational as possible. Is this the end of the world as we know it? I'm inclined to think not. In any event, I intend to work as long as possible, most likely into my '80's - or however long I last - and not necessarily in this country, if need be. You know, whatever it takes. Life, after all, is an adventure.
Cheers ed