09.29.08

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Well, unless you have been living under a rock for the past week it has been impossible to ignore the news roaring out of the U.S. The Wall Street bailout failed today going down at 228 to 205. After a flurry of calls and emails protesting the bill flooded the government, lawmakers were just not willing to risk passing such an unpopular bill this close to an election. Wall Street responded promptly with one of the sharpest single day drops in the history of the American economy.

What does it mean for people like us? And by that I mean working designers, Art Directors, Photographers, Artists, etc.? Well, time will tell. A friend of mine who works at Wachovia stopped by over the weekend and said that people were pulling money out of the bank all last week and that the credit score for a simple car loan had been raised to 700. A perfect credit score is 850, and you can trust me when I say that there are a lot of people out there no where near a credit score of 700. That means working-class people like you and me are going to start feeling a crunch very soon unless something miraculous happens. I think what America is finally discovering is that you can’t build a kingdom on credit. Its akin to building a house on a foundation of sand. The days of the gold standard are long past and the concept of value now is open to speculation. And speculation just isn’t a hard currency.

One thing is for sure. The corporate government has been firmly put in place, and I think we are seeing the end of an era in the United States. I am just waiting to see what’s next. If I wake up tomorrow and hear the headline, ‘America Sold To China’, I can’t say I will be surprised.

written by Christopher | tags: , , , ,

5 Responses to “The Crash of 2008”

  1. allen Says:

    Man the media is doing everything they can today to get people on board for a bail out bill. I love it, I’m in now way looking forward to a crash, but if we do this right we might be able to bankrupt the central banks and do a redo of this dead end, based on nothing but speculation and credit financial system the world has going. I know they are saying it’s going to hurt main street but look at main street, the average american has thousands of dollars of credit card debt, we have less than nothing on average as it is. Get together with you friends and family, stock up on food for the winter and buy seeds for a garden in the spring. Hold out as long as you can, it’s time the people tell the leaders what to do for a while, that’s a real revolution, that’s real change.

  2. Chris Says:

    Fuckin’ A.

  3. peshue Says:

    And here I am needing a school loan, man is it gona blow.

  4. Chris Says:

    I know and my wife is just about to FINALLY graduate from Grad. School and we are going to be saddled with a small fortune for her education. I don’t even want to think about what might happen to the interest rate.

  5. allen Says:

    Dude we are paying a cool 8.25% interest rate from the Clinton era on our loans. I doubt it will be as high as that for you guys, but it will pay off in the end. Really the good thing about higher interest rates is less risk in lending and people take their ventures more serious, both of those things with bring about stronger foundations for the economy to build upon. Low interest rates was a catalyst of how we got ourself in this mess in the first place. Remember right after 9/11 Bush was twisting the arm of the FED to reduce interest rates to keep the economy going. It would have been better to have raised them a lot sooner than they did. But I say lets get rid of the FED all together, put the production of money back in the hands of congress and not in the hands of a private for profit, cartel of bankers. Kennedy tried that, but then he ended up dead didn’t he.

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