777 Means Nothing to Me

If only if the dow had dropped 666 points yesterday, I could be blogging about this being yet another harbinger of the apocalypse. But alas, there was a last minute speech from House Majority Leader Nancy Pelosi (D, CA) and over 100 Republicans helped to put an end to bailout package 1.0. So in turn, the fiduciary gods decided to punish the markets for congress' unwillingness to prop up the now failed money markets.

Personally, and this is really only from the standpoint of greed, I have absolutely no interest in this bailout coming to fruition. Now, thats not to say that I don't understand why it may be necessary, but the realities of my personal financial situation make this impossible to agree to. Isn't personal fiscal freedom the most important aspect of a free market economy?

The markets are volatile, yes. Perhaps this is a sign that we may need to rethink some of our most basic tenets of modern banking. Maybe all of this fictional borrowing and trading has finally gotten the better of itself. But on the same note, the last major (by that I mean on the scale of only this and the great depression) government interference with banking institutions came with the New Deal, which helped to lay the foundation of sixty years of almost uninterrupted American prosperity and wealth.

I think that the urgency that all this has been carried out with is tantamount to its failure. Our lame duck president has only brokered another deal to bail out those to whom he has already helped so much through his blindfolded economics policy. I think that this can wait until a more nuanced, rational president is in office.