Friday, September 19, 2008

Hopeful panicking

We've been traveling for the past week while the double storms hit
back home, one the hurricane in galveston, the other the collapse
and possible resuscitation of the financial system. Watching events from
europe my face took on the appearance of several smileys from msn,
especially the one with teeth gritted and hand up in fear.

Hurricane Ike doesn't look like it was as bad as it could have been.
A little more severe and a little further west and galveston and south
houston would have been tostada. The mayor of Houston and Judge Ed
have things firmly under control and made adjustments to federal delivery
drops that made things better. (I think not perfect outcomes from the
feds is inevitable, it just demonstrates why most power should be at the state
and local levels)

The shitstorm in new york is even worse and left me bouncing from one foot
to another deciding if I should try and move whatever cash I have to euros
right away and sell every stock. Apparently I'm a good indicator for panic
because right at the point I was about to sell what stocks I have, everything
rebounded 10%, I'm lucky it takes me a couple of days of bouncing from foot
to foot to make a decision.

I'm in the hopefull panicking stage now. Maybe this bailout thing will work
and the government pledging it's full faith and credit for all this bad debt will
win the day. I feel more like I'm at a bar and I'm watching two drunks trying
to pay the tab. The first drunk is fairly shabby looking and hands over a beat up
nearly expired mastercard, the bartender runs it and it is declined. The second
drunk says " no problem, I got this one" and pulls and equally shabby looking creditcard
out and hands it to the bartender. If the bartender runs it, it might be declined
then he'll be short on his register. He does the safer thing and just takes a paper
imprint and sends the two drunks off into the night. The bar might never get paid
but at least he won't be short that night.

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