Wednesday, October 01, 2008

A Bad Case Of Economic Fatigue

There's nothing like a world economic crisis to get the heart a-throbbin' and the brain a-tickin' and this was nothing like the economic meltdown we were led to believe as today everything is looking hunky dory, according to the BBC.

It was scary but it's all over. You can come out from behind the sofa. What do you mean it wasn't real? You should have read the warning. This was fantasy violence with some strong language and no sex. Everyone had a headache and now a bad case of economic fatigue. 

Traders were shouting frantically on the floor and those computer screens turned red. But that's what market traders do - shout and make big bucks for their clients. And red, why red, danger? If you had a wad of cash you'd be looking out for the gorgeous red bits to buy up and make a killing. 

But Bush and Brown said this was really important. Important for them maybe. Still, two losers on their way out,  making a mountain out of a mole hill, is better than starting a war to boost the poll ratings. 

What started out as a 'rescue package' soon turned into a 'bail-out', despite the best efforts of the Bush administration and Brown's BBC to keep everyone on message.

'Rescue package' just doesn't have the same cute ring about it. A bail-out, handing a fat blank cheque to Paulson, does and it's more accurate. 

Democrats and Republicans were spitting blood - well, spitting at each other. With an election around the corner and some of their seats up for grabs soon, who can blame them for making some capital out of it on Capitol Hill. 

And it couldn't have been all that bad - they all skipped off on holiday yesterday.

Elton John would be proud. Stock markets crumbled but Wall Street didn't tumble - they're only made of clay. But the love-in between the government and the City is here to stay. 

Journalists had a field day. Was this the worst time since Black Wednesday, the Great Depression or the South Sea Bubble? And how do you spell Armageddon?

A chance to make up some good headlines though. Though nothing can beat "Bush's Bummer Bail-out Bill Bombs" - that's because it won't happen again.

Did we get the Great Depression? The only people depressed were the public having to listen to all the crap night after night. Still, we got a wartime spirit going with Cameron's call for a coalition government. 

And the political big wigs were summoned to Downing Street for a summit. Only they forgot to invite Vince and he was left out in the rain and made it late. That's a shame. He's the only one worth listening to and the only economist. 

And the media? TV personality anchors were summoned to Brown's bunker - how could they refuse in a time of global warming - to suffer the Great Man droning on and on. Then they had to spoil it all and broadcast it on TV news. 

Still it did give everyone a chance to catch up with some bedtime reading. JK Galbraith - now there's a smart guy, a bit of a liberal economist but worth reading.

Let's face it, no-one on Main Street or the High Street gives a bugger. Soaring prices, rampant inflation, debt coming out of your ears, looming unemployment - now you're talking. 

But a bunch of fat cats who are just getting their comeuppance after years of living on the back of other people's misery and a couple of so-called 'world leaders' who just sat back and let it all happen, now that's something to make your blood boil. 

No comments: