It’s about 10:30 AM, and as I write this, I’m glancing over at the attention deficit disorder channel, featuring eighty bits of information on one screen. The talking head squished into the upper left hand corner of the screen is speculating about the financial ramifications of Lehman Bros. imminent declaration of bankruptcy. This may be the most significant “correction” Wall Street has felt in a long, long time, and it has sent world financial markets tumbling. Oops, there goes another $60 Billion! Easy come, easy go. Yesterday morning, I watched Alan Greenspan interviewed, and, when asked if Lehman Brothers should be bailed out by the Federal government, he said probably not. He did imply that government assistance is sometimes necessary (Bear Stearns) to stabilize global markets. When this kind of financial meltdown occurs I always want to punish the destructive risk takers. Greenspan advises us to let the market sort things out, but I think there should be dire consequences for the kind of unbridled greed that causes people to lose this kind of money. Public stonings … something.I’m still bristling from the S&L crisis back in the eighties … do you remember Charles Keating and that whole pack of banking hyenas. Bank Of America is taking over Merrill Lynch for $50 Billion, Fannie and Ginnie Mae fall under government control and, while the sky may not be falling, there is definitely a palpable sense of concern in financial markets. It seems to me that, every twenty years or so, government regulators leave the lid off the cookie jar and POOF! , all the cookies disappear.
And speaking of money … why is it that the cost of a barrel of oil down (Ike didn’t do as much damage to Gulf Coast refineries as predicted) but the price of a gallon of gas is up? In Buffalo last weekend, it was only up a little bit, but here in Toronto, it was up about .50 per gallon. I just saw something flash across the screen (next to an ad for Depends) informing me that GM lost $58 Billion in the last eighteen months. Gee guys, maybe, as you have so often done before, you missed the market for hybrids and other fuel efficient cars. GM wants a bailout too. I don’t think that is going to happen.
I was down in Buffalo last weekend to celebrate my Mom’s 89th birthday. What does one buy the octogenarian, soon to be a nonagenarian, who has everything? I made a list of repairs that needed to be made around the house and did what I could. At least it was a meaningful gift, unlike the birthday card my brother-in-law so generously bought for us to give her. It depicted a seriously butt-ugly Chihuahua on the front, dressed in a powder blue pant suit. When one opens up the card it reads: “Happy birthday, you wild thing!” and this is musically accompanied by a recording of the original Troggs’ version of “Wild Thing”. I’m going to kill my brother-in-law. On the plus side, the Bills are undefeated, so far. I must be a glutton for punishment … the two teams I follow are the Bills and the Leafs. Have a good week!
Written by Jamie Oppenheimer c2008 ALL RIGHTS RESERVED
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