Yikes, the markets just opened and we are already down 600 points. The Asian markets were hammered overnight, this isn’t good folks. Fear has gripped the market, and the uncertainty will remain probably long after the November 4th elections.
There is no doubt that what goes on in Wall Street has an effect on the business on Main Street and the people who live on Maple Avenue, but I continue to question why the American taxpayer had to spend $850 billion dollars to save Wall Street, when it has clearly gotten worse since the passage of the bailout.
As a free market conservative, I believe that we should have just let the market do what it was going to do. Many times in America we tend to think we can fix things, and fend off a lost. As we all know in our personal lives sometimes you are better off in the long run to expose yourself to the pain and deal with it, rather than pushing it off to deal with at a later date.
In regards to the November elections, the national media has made it clear that unstable markets and economy are good for Senator Obama. I understand that his populist message works better in this environment, but we are in unchartered territory. With things looking so bleak, I don’t think we can truly understand what the American voter is thinking.
In our state and local elections all I can say is that I wouldn’t want to be an incumbent. People are pissed off and are looking for someone to take their frustrations out on. It will be interesting to see what Voters in the 2nd and 4th districts do on Election Day.
Latham was wise to vote against the bailout, and Becky Greenwald was stupid to say she would vote for it. I have all along thought Latham is safe, and he has really helped himself with his vote against the bailout. In the 2nd District Congressman Loebsack voted for the bailout, and unlike Latham, Loebsack hasn’t had years to build relationships in his district which leaves him vulnerable. Also making things difficult for Loebsack is the fact that his opponent Dr. Miller-Meeks is articulate, intelligent, and has done a good job of getting under his skin. Who knows, in this environment anything can happen.
I just looked at the markets again and see we are now only down 200 points or so. Sure I’m a slow typer, but it also shows just how volatile the market is.
Hold on folks.