I suspect more than a few within the Obama campaign and inner circle are in the midst of an Oh, crap moment. I’d have to think they were hoping to get to November 6th without any significant Arab Spring fallout or monetary crisis events. Turns out they have both, only 53 days out from the election.
With the Middle East on fire and both the Fed and the European Central Bank setting in motion virtually unlimited monetizing of the massive debt that Progressive policies have created, Obama’s chances of getting re-elected are growing slimmer by the day.
The premise of the lead article at MarketWatch this morning is that if Spain can just be bailed out, the world is home free. Happy days are just around the corner.
I don’t know if the first commenter to the MarketWatch article realizes how prescient his comment is:
Fred is taking a tractor-trailer driving test. They come to the crest of a big hill and as they head down the instructer askes Fred “now what would you do if your brakes gave out right here?” “Why I’d call my friend Willie.” “And why would you call your friend Willie?” “Caws he ain’t never seen a wreck like this one’s gonna be!”
Mark Hulbert’s column pretty much nails it:
CHAPEL HILL, N.C. (MarketWatch) — It’s somehow fitting that the stock market would celebrate the fourth anniversary of Lehman Brothers’ bankruptcy by staging a huge rally in the wake of the Fed announcing more quantitative easing.
That’s because both the events of mid-September 2008, as well as those on Thursday, underline just how inscrutable — and, therefore, ultimately unpredictable — the markets can be.
Just take the rationale given for the market’s huge rally on Thursday. In essence, we’re told, the market rallied because the Federal Reserve concluded that the economy is in such horrible shape that it must be put on even more remedial life support.
Far from seeing any irony in any of this, however, many investors have evidently decided that happy days are here again.
With the Dow Jones Industrial Average DJIA +0.20% now a couple of thousand points higher than where it stood when Lehman Brothers went belly-up, many investors are commemorating the fourth anniversary of that bankruptcy by telling themselves that any Lehman-like danger has passed.
Go read the whole thing. The comments he posts from supposedly astute market analysts in September, 2008 are interesting.
UPDATE, by Mark Noonan:
Instapundit has an excellent run-down on reaction to the “questioning on a probation matter” of the maker of the film the Administration absurdly blames for the riots. Here’s what gets me:
Reader Jack Moss writes: “Probation is not a law enforcement function, it’s under the court. If his probation officer wanted to question him about the use of a computer, that broke his probation fine. But that wouldn’t include questions about making an anti-Islamic movie. It’s irrelevant. That means that the FBI showed up outside their jurisdiction for a reason given by their superiors. The question then is who ordered them there.”
Suppose this guy was in violation of his probation – ok, fine: how often do probation violators get an after-midnight knock at the door? Especially violations of a probation on a non-violent crime? With a huge string of MSMers there to film every second of it? The whole thing stinks – partially of intimidation but mostly of appeasement…Obama and Co are convinced (or at least are trying to convince us) that the film caused the riots. In defense of his twaddle they have now swung the law enforcement power of the United States against the man who made the offending film and it appears that they are doing it to show the Muslim world that they’ll crack down on “blasphemy”. All this will do is convince the radicals that we can, indeed, ban “blasphemy”…and that if they murder Americans, we’ll go ahead an do it. So, guess what? We’ll shortly get more murdered Americans…