Dow Drops Another 500 Points, Closes at a 5 Year Low; TSX Drops Over 400 Points, Lowest Close Since 2005

by matttbastard

As Atrios would say, WHEEEEEEEEEEEEE!

Oh, and for us Canucks, WHEEEEEEEEE, EH!

h/t Kyle for the CNN link

Related: WaPo:

“Quite frankly, what the market is looking for is some kind of coordinated action from central banks around the world.” said Kathy Lien, director of currency research at GFT Forex. The Paulson plan, she added, is like a “Band-Aid for a problem that stretches way beyond the banking system now.”

Also see Steven Pearlstein, who says this is no longer a financial crisis but rather “a meltdown — an uncontrolled and largely uncontrollable financial chain reaction that threatens serious harm to the broader economy” and may “take most of the global economy into recession.”

In other words, we are fucked.

(Psst Uncle Steve — that includes us.)

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The – 777.68 Point Plunge

by matttbastard

Bailout compromise bill fails.  Dow subsequently plummets by a record figure (nine-eleven-shmine-eleven).  TSX also plummets by a record figure, throwing a wild card onto the Canadian election table.  All this capped off a day in which global markets took a major league ass-whipping (most of which, it should be noted, occurred before the bailout flame-out).

To quote Paul Krugman (who, in turn, quotes himself)

So what we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch.
As a friend said last night, we’ve become a banana republic with nukes.

Heck of a motherfucking job, kiddies.

Not that I’m fully convinced, contra certain quarters I normally find myself agreeing with more often than not, that it was imperative to pass this bill right fucking now (an ambivalence further cultivated by the knowledge that the much-ballyhooed $700 billion figure was arbitrarily yanked out of some Treasury Department flunky’s ass because they “just wanted to choose a really large number” to put the fear of smoking guns and mushroom clouds into everyone’s heads).  Nor is it at all apparent that Paulson’s preferred solution to the credit crisis was the only viable one (see this list of alternative proposals not currently on the table, h/t Sarah J via tweet).

But if this:

really is the primary reason House Republicans chidlishly chose to flip the bird to Democratic and Republican House Leaders (not to mention Secretary Paulson, President Bush, and John “Coalition Builder” McCain), then each and every one of the GOP dissenters up for reelection in November deserves to be unceremoniously turfed from office for being a bunch of petty, shallow, self-absorbed drama-queens apparently more concerned with partisan preening than the economic health of the nation (if not the world).

Speaking of petty, shallow, self-absorbed drama queens and partisan preening:

From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

This bill failed because Barack Obama and the Democrats put politics ahead of country.

No, Senator McCain, this bill failed because you, someone who has applied to become leader of the fucking free world, couldn’t whip your own goddamn party (the GOP, aka the party of fiscal responsibility, ideas and utter fucking bullshit) into line, you puerile sack of monkey shit.  You demonstratively “suspended” your campaign, snatched the ball out of Pelosi, Paulson and Bush’s hands, started to do an endzone celebration on the 20 yard line and quite spectacularly fumbled it before crossing the goal.

As Marc Ambinder observed:

Two thirds of…Republicans voted for its defeat…after a weekend of telephone call diplomacy from McCain.

Nancy Pelosi may have given a partisan speech, but she was able to get most of her Democrats on board….

Mother fuck ’em and John Wayne.

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