...everybody panic now!
RM over at PJM explains, "Of course, you won’t find Obama predicting catastrophe and economic collapse. He's leaving that to his surrogates."
"...New York Times columnist, blogger, and resident hysteric Paul Krugman referred to the day’s 500 point stock market drop as “Black Monday.” The problem with that is that 1) the name has already been taken; and 2) it is hyperbole.
The real “Black Monday” occurred on October 19, 1987, when stocks lost more than 22% of their value. Today’s market “turmoil” (which is as hyperbolic as the New York Times feels like getting) resulted in a loss of 4.4% in the value of the stock market. This is serious for those of us who have invested in mutual funds (I would suggest downing a good, stiff, Glenlivet or perhaps a strawberry martini before checking your portfolio today) but hardly the kind of thing that will result in an economic collapse...."
"...I suppose a little hyperbole can’t be helped when the situation is unprecedented. But to read some commentary by partisans on the left, one would think the apocalypse is upon us and it’s just a matter of time before Mr. Potter takes over the Building and Loan while we’re all thrown out on the street with nary a farthing to our name..."
Oh! And what turbulence would not be complete without a little conspiracy & larceny? From comments:
Marina: What do you think, is it possible that SOROS has artificially provoked this “little september disaster”?
If one takes into account Soros’ hedge fonds activities and the Lehman Brothers’ links to the Democratic party… And if one thinks that “everything-is-bad-in-America” message is getting weaker and weaker…
Just a question.
Sep 16, 2008 - 6:21 am
An interesting question that I would not put out of the realm of possibilities.*
The 'stupid tax' will most definitely have to be paid. It's unfortunate that politicians know just how stupid the American people can be. People who will practically beg the nanny state to 'make the hurt go away.' And the politicians will rejoice to spend even more of the American people's money.
"In the end they will lay their freedom at our feet, and say to us, "Make us your slaves, but feed us." ~~ Receiving bread from us, they will see clearly that we take the bread made by their hands from them, to give it to them, without any miracle. ~~ in truth they will be more thankful for taking it from our hands than for the bread itself. ~~ They will marvel at us and will be awe-stricken before us, and will be proud at our being so powerful and clever that we have been able to subdue such a turbulent flock of thousands of millions." -- Fyodor Dostoevsky, "The Grand Inquisitor"
*updated slightly