In Boston yesterday, Boston wound up winning the nightcap, a 10 inning 4-3 win over the Yankees to finish the year with 95 wins and 67 losses.
With that, I have successfully blogged all 162 Red Sox games this year. It's a wierd sort of triumph, but its a triumph.
Apparently the Dow took a major hit today-700 plus points. My first reaction is a Nelson Muntz-like “Ha-ha!” Of course, I am not unmindful of the pain this causes many people, not to mention my own employers. But what did people expect? Why was giving loans to people who can’t pay them back a good idea?
“Blood in the streets, it’s up to your ankles…”
I keep in my mind Dan Carlin’s idea about the short term pressures on firms to boost the stock price, too, and I think, and I think, and I think…God, I am so tired of thinking.
Apparently the failure of the bailout has spooked the markets. While I certainly don’t claim to understand fully what is going on, the logic, as I understand it, is that these mortgage backed securities, and derivatives based on same, are illiquid-nobody wants them. So, huge companies can’t get loans, or give loans, until they figure out what these things are worth. If anything.
Men like Ben Bernanke and Henry Paulson certainly know a lot more about this than I do. They say it is bad, and it is so bad, that we have to act now.
On a gut level, I distrust this “trust me, I know what I’m doing” attitude that permeates the actions of the Bush Administration. Because I don’t trust them-I don’t trust that they know what they’re doing. I don’t trust that this is necessary.
One question I keep asking myself is ok, so the banks fail and the capital markets freeze. Isn’t the beauty of capitalism that it will find a way? Someone will find a way to loan this money and make a profit on it, won’t they? So it won’t be these people. So what? Let these people go broke, burn the forest to cinders, and start over. Maybe we can build a financial system that is built on reason and logic instead of wishes and unicorn dreams.
It’s Playoff Time! The MLB Playoffs begin on Wednesday. Boston has to go out West to take on those pesky Angles, and, obviously, need to take one out there before coming back to Boston for games 3 and 4. I’m hopeful, but not optimistic. I think the Rays will win whomever they get, the Twins or the White Sox, and I think the Phillies and the Cubs will emerge from the National League.
I should look back and see what predictions I made at the beginning of the year.
On second thought, I don't know if I didn't make them, or if I can't find them. But I can't find them. Oh well.