The vertigo factor in the last two weeks of the stock market has been high: down 400 points, down 400 points, up 400 points, down 400 points, up… Which is it, one wants to know, because to have the answer as to the state of the future would relieve anxiety in the short run, even though the things we do to relieve short-run anxiety often cause long-term calamity.
Things like nationalizing the finance industry of the United States, which is, effectively speaking, the consequence of Federal Reserve and Treasury actions of the last two days.
The humor factor in the rally of last week has been far higher than the vertigo factor, however, as Wall Street bizarrely applauds the nationalization of the finance industry. I like to be less anxious, but not at the expense of socialism — or more likely fascism, the latter of which (when you listen carefully to the drumbeat for war with target of the month, Pakistan) is the clear direction of US policy.
Peacenik is getting overwhelmed by the events of the last couple of days. McCain suspends campaign. McCain postpones presidential debate. Bush declares economy in grave danger. Dow whipsaws up and down. Bailout/theft plan moves ahead. Harper denies a Canadian housing bubble exists. This is like a slow motion trainwreck. We are seeing history, historic events, unfold at a pace that is shocking, exciting and scary. Peacenik isn't wondering what tomorrow will bring. Peacenik is wondering what the next half hour will bring.
