Dow Down

Dow down, even after salvation by the Senate last night. Man do I hope the House defeats this lemon. I'm not particularly pleased at the thought of losing personal wealth if there's a severe downturn, but I'm much more concerned with the wealth of the nation. Everything I value is supported by that wealth. I want to see us do well, but to do well requires intelligent response, and everything I've learned about these matters over the past two weeks tells me that this is not a well considered plan; and I immensely resent the fear mongering, the attempt to stampede. Fear is wholesome because calamity is possible, but "Do it my way" is never an argument.

I regard the failure of the promise of passage of this plan to stem the decline of the markets as a certain argument that people who do know something about economics don't regard this plan's efficacy any more highly than do I. And then of course the low class twits who have been hyperventilating fear have made matters much worse.

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1:45 AM
--Stocks lower overseas pretty much everywhere. Good. I hope that argues that our piddly 700 billion bailout really won't do much. We need not so much a bailout as new thinking.
--And Sarah did just fine. I'm delighted. And relieved.

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3:30 PM. Closing:

The Dow Jones industrials fell 348 points to the 10,482 level, according to preliminary calculations.

Good. We're all going to die. Bring it on! But at least kill the bill. If the bill isn't going to do any good --it won't-- why not at least spend the 700 billion to pay my heating bills this winter? We ought to at least get something for our money. And kick Paulson out in the street without a sweater.

But crude is down to 93 bucks. I like that.