What scares me most about the current fuss is the anger I hear from so many people who should otherwise know better. These folks, fairly sophisticated Greenwich types who made nice livings as Wall Street prospered, are furious at the financial world and are determined to see people punished, regardless of whether that brings down the entire economy. I see the economic pie as expandable so if a Dickie Fuld pockets a kabillion trillion dollars, I don’t see the result as less money for me. But these people do. In their dreams, I suspect that they’d like to see all the money in the country collected in Washington and redistributed “fairly” which really means, to them. Of course in 5 years the wizards, whoever that group proves to be in the next business cycle, will have once again ended up with the majority of that money, but my angry friends don’t see that far. The want retribution now, and the hell with fixing the current problem.
Their Congressmen have returned home for the next two days to get a sense of public opinion. I’m very much afraid that they will act on that opinion and do nothing when they get back to Washington or worse, really screw things up.
On a brighter note, the dollar is way up against the Euro and the Pound. This is probably the perfect time to head out on vacation, preferably to a place without newspapers, and relax.