A lot of news today, and if I could, I could talk about everything that happened this weekend and today for pages and pages. But I won't. Firstly, because it would take too long and secondly because I don't want to depress the hell out of you. I mean we've got missing NFL players off the Florida Coast, a 300 point drop in the Dow, AIG asking for more money, and (this one's crazy) an 840 pound emerald found in Brazil worth $400 million. Okay, I'm going to take a deep breath...and go:
1) President Barack Obama has made yet another bad decision. He has chosen former Dallas, Texas Mayor Ron Kirk to be the new U.S. trade representative. Unfortunately, Mr. Kirk is the fourth pick by Mr. Obama that has had tax issues. He owes $10,000 in taxes. Ah, who cares, right? We're used to this by now. By the way, whoever is in charge of vetting these potential government officials should get a swift kick in the you know what and a pink slip.
2) The DOW drops another 300 points. That puts us at below 6800 points, and is the lowest level since April 1997. I was 11 years old the last time the stock market was this low. Banks were battered in a sell off that started in Asia and moved quickly over to the U.S. I really don't have much to say about this. It's very troubling. I am extremely worried. And I think people don't really realize how bad of a sign this is. But, what can you do?
3) AIG wants $30 billion more. Sure. Go ahead guys, its not like our economy's in the toilet or anything. Henry Paulson/Tim Geithner, pat yourself on the back buddy. AIG posted losses in excess of $99 billion in 2008. And, the government has already given $150 billion to this troubled insurance giant. You just have to know when to let things go. I mean honestly, what is $30 billion going to do for AIG? Because, it most certainly will not stop it from asking for more money. If AIG wants to save money, maybe they should stop spending millions of dollars on sponsoring Manchester United. Maybe that might help just a little bit. Morons. Let me put it for you this way. Picture AIG as a terminally-ill patient who is in a vegetative state. Picture Geithner and the Treasury as the medical team responsible for this patient. And picture the billions of dollars being poured in as the oxygen flowing through the life support machine. We're keeping AIG alive, at the tax-payers inconvenience, and for what? In my opinion, we are delaying the inevitable. The fall of AIG.
4) 840 pound Emerald. $400 million. Coolest thing I've heard all day.
5) While millions of Americans struggle with unemployment, home foreclosures, and the worst economy since the Great Depression, Ms. Nancy Pelosi is flying around the country in a private luxury jet. Yes, that's correct. The good people of America have, and are currently, paying to maintain Speaker Pelosi's private plane. Newt Gingrich, who was speaker of the house from 1995-1999, flew commercially. I'm not a seasoned private jet aficionado, but I am guessing this jet costs $5-8 million to keep gassed up and maintain. So why can't Pelosi fly like the rest of us? Why are these politicians getting all of these perks, increased salaries, and pork-filled bills passed while Americans are losing their jobs, homes, and waiting in line for food stamps?
6) I can't say that I am surprised. But, there has been some heavy criticism over President Obama's $3.6 trillion budget for the next few years. It seems as though Mr. Obama and his administration have grossly OVER-estimated the amount of money they will save in ending the war in Iraq, and grossly UNDER-estimated the amount of money budgeted for the wars in Iraq and Afghanistan in the next three years. They have estimated $50 billion per year (starting in 2011) for both the war in Iraq and Afghanistan. While the estimated cost of war in 2009 is $142 billion. Also, Obama's team estimates it will save $1.5 trillion over a 10 year period by cutting back on war spending. But, this price tag would ensure spending $100 billion until 2019. It just doesn't add up. And, by the way, all I have been hearing from this administration is spending, spending, spending, and more spending. Earth to White House, we are in A RECESSION. STOP SPENDING MONEY. I need to stop talking about this, because it is actually raising my blood pressure.
7) I was thinking today about why the government isn't panicking so much during this economic downfall. Don't you think the deeper we fall into this recession and economic mayhem, the more power the government gets? I'm not a conspiracy theorist, nor am I a radical Conservative. However, just entertain the notion. Think about it. The worse our economy gets, the more we "need" the government. Soon, we will have an invasion into the private sector starting with nationalized banks, corporations, health care...All of these things will be controlled by the U.S. government. Is THIS what the majority of Americans voted for? I totally respect that Obama has made history, and I truly am proud that our country has evolved so much in the last few decades. Going from oppression and open racism to having the first black President. But, people, we are in a deep deep recession. Nonetheless, historic events are no excuse for bad decisions, ill-advised spending, and a lack of action during times like this.
Well, that about wraps up a very annoying and frustrating Monday. I apologize if I forgot anything, but there was quite a bit to discuss. All I can say is lets see what tomorrow brings us. I'm gonna go ahead and anticipate another sell off on the market, but who really knows these days. Have a good one my friends.
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