Monday, March 17, 2008
"Bear" Market
Okay, I will be the first to admit that I'm not a financial markets expert. This is predominantly a blog on politics, pop culture, sports, etc.
But there's one major national story today and it's not on on the above list. Trust in other investment banks are collapsing. The market fever is spreading into both the tech and energy sectors. Gold is looking good, though.
A CNBC talking head said this morning that the Fed has had the wrong answer to this ongoing crisis for the last year -- cutting interests rates (which European central banks have not done), helping fuel inflation and the ongoing collapse of the dollar?
Obviously, there are political implications. What I find fascinating is how the major candidates are falling into their stereotypical positions:
John McCain -- pushing his credentials as a foreign policy/national security person -- is traveling from Iraq to Israel.
Meanwhile Barack Obama is dealing with the continued fallout of his longterm relationship with Mr. Wright (yeah, pun intended) -- much to the glee of both right-wingers and Hillary Clinton (yeah, she will be the Dem nominee -- suck it up, everyone).
But, what do any of these candidates have to say about the collapse of a major investment bank?
That's what we should be looking at today -- of course, I wouldn't mind my new governor mentioning some of these things when he's sworn in today at 1 PM, cause, you know. Wall Street tumbling isn't exactly good for New York's local and state economy too.
Is it too early to say the sky is falling? Well, some New Yorkers have reason to take that literally given recent news that may be connected to concerns over over-construction.
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But there's one major national story today and it's not on on the above list. Trust in other investment banks are collapsing. The market fever is spreading into both the tech and energy sectors. Gold is looking good, though.
A CNBC talking head said this morning that the Fed has had the wrong answer to this ongoing crisis for the last year -- cutting interests rates (which European central banks have not done), helping fuel inflation and the ongoing collapse of the dollar?
Obviously, there are political implications. What I find fascinating is how the major candidates are falling into their stereotypical positions:
John McCain -- pushing his credentials as a foreign policy/national security person -- is traveling from Iraq to Israel.
Meanwhile Barack Obama is dealing with the continued fallout of his longterm relationship with Mr. Wright (yeah, pun intended) -- much to the glee of both right-wingers and Hillary Clinton (yeah, she will be the Dem nominee -- suck it up, everyone).
But, what do any of these candidates have to say about the collapse of a major investment bank?
That's what we should be looking at today -- of course, I wouldn't mind my new governor mentioning some of these things when he's sworn in today at 1 PM, cause, you know. Wall Street tumbling isn't exactly good for New York's local and state economy too.
Is it too early to say the sky is falling? Well, some New Yorkers have reason to take that literally given recent news that may be connected to concerns over over-construction.
Labels: Bear Stearns, U.S. economy, Wall Street
