I sure hope St. Patrick’s Day is not associated with the day the American financial kegs ran dry, but with the Fed taking truly drastic actions since Friday, including an agreement to help finance Bear Stearns $30B in losses so JP Morgan’s can buy them for $2 per share, I’m not thinking it’s going to be a green day on Wall Street.
The growing problem we face is a lack of confidence abroad in our financial system and in the United States as a world leader. The world has changing while the Bush Administration has been clinging to the “romanticism” of war. Our President has no credibility in the world and very little on his own soil. What we need is leadership and it’s ten months away. One commenter to a Bear Stearns story this morning wrote, “I think that the market would stabilize pretty quickly if the US would adopt emergency legislation to balance the budget and start paying down the debt.”
I just don’t think we’ll see that emerging from the George Bush House of Cards. No, we’ll have to wait ten months until the presidency of Herbert Hoover II is finally over and a new president will be saying something like this.