On Financial Markets, Glass Houses, Politics, and World Events: All Fair and Balanced
The US markets, and Euro-markets for that matter, have voted on the Republican fear-fest and schoolyard taunting session that passed for a political Convention last week. Thursday the Dow Jones Index plunged almost 350 points in anticipation of McCain's acceptance of the nomination, for a total decline of over 500 points since Monday. He refused to confound the markets and decline the nomination. He did not put country first, he accepted.
I am slightly paraphrasing here: "The Russian stock market has fallen 15% in recent months....which shows that the rest of the world is revising its economic and financial relationship with Russia..." Brit Hume, Fox News, Thursday afternoon, opining on the looming crisis with Russia over Georgia and other near-abroad states.
FYI: the US market (DOW) has fallen about 16% so far this year. The housing market has fallen more steeply, as much as 25% in some areas, and is not done yet, not until sometime next year (2009) at the earliest, or perhaps the year after. So what does that mean about world confidence in current US economic policy? Or maybe world and, more importantly, domestic confidence in the Republican economic leadership?
Larry Kudlow of CNBC is practically going orgasmic (a Cialis spot?) about the impact of Sarah Palin on the economy, wtf that might be. Moose(s? or is it Meese as that old character used to say) do not form a significant part of the national economy, not outside of Alaska- nor do hunting guns and serrated knives. Against all indicators, from a financial market in a deep bear freeze, a housing sector still tanking, retailers sales declining, and the unemployment rate hitting 6.1% for the first time in years (6.1% is probably an underestimation). It takes a dedicated cheerleader, avec ou sans pompoms, to be that cheerful. Of course Kudlow and his friends, on CNBC and elsewhere, are hardly suffering from the lousy economy- only as far as GE shares have declined. But that may be OK, Fox Business Channel is worse.
NY Times quotes Libyan leader for exactly 39 years, Colonel Qaddafi as referring to Sec of State Condoleezza Rice, "I support "I support my darling black African woman. I admire and am very proud of the way she leans back and gives orders to the Arab leaders". The last sentence is not likely to endear him to other Arab dictators and absolute tribal monarchs.
He is reported as having added:"“Yes, Leezza, Leezza, Leezza... I love her very much.”
Shades of the Montagues and the Capulets.
Cal seems to be pulverizing WSU right now: it is 42-3 and near the end of the first half!
Cheers
mhg
m.h.ghuloum@gmail.com
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