It Ain’t Their Fault

By Kleinheider Posted on September 30, 2008 at 4:11 pm

Or, at least, it shouldn’t be. Jama Oliver is confounded that political events can have so much effect on our economy:

The thing that upsets me even more than the armchair economists that have come out of the woodwork is the fact that we have actually come to a place in the US in which it our government has the power to, with one vote, cause the stock market to tumble 777 points. Because Czar Paulson decided to float the idea of a $700 billion free-for-all, with the full support of the President, we all lost yesterday. Word is, $700 billion isn’t even a figure based on fact; rather, the treasury department just needed a “really big number” to give confidence to the market. Say what?

We should not be in a position where our government - and their reelection campaigns - can cause a stock market tumble and “credit crunch.” As our leaders point fingers, I’m left thinking, “Look, this shouldn’t be any of your fault!”

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