Well, get ready get set go! Hi-Ho, Hi- Ho, it’s off the bank we go! Hopefully that isn’t you getting ready to go to the bank today. Not since the great depression have more banks been ready to teeter over. Unlike the great depression however, we have safety measures in place to prevent such bank collapses. Granted, the work of the present administration has been largely to weaken those defenses, but hopefully we can all rest assured, China will never let us go broke. Besides, we are a nation of gamblers! We eat this kind of tension for breakfast.
Albeit at fifty cents on the dollar; the odds are not in our favor, nor is the payoff of more of the same much more enticing to keep playing the game. That is what the Fed is paying customers of a California bank who have deposits over the limit of one hundred thousand dollars. It appears the man on the streets can only watch in horror as his life savings get cut in half. Bear Stearns was luckier!
Speaking of money games and gambling I read an interesting piece in TIME magazine about the gambling vices our two Presidential candidates like. McCain likes to shoot craps. Take a hand full of numbered dice and throw them away and bet on what come up. The house bets one way and you another.. As usual the house usually wins, but quite frankly the house of cards that is our banking system might not support such a lazier’ fair attitude!
Senator Obama is a poker playing man. Likes to be given cards and then plays them to his best advantage. From the story it appears he is quite good at it. Now there is a game that you want a President to be able to play. Studying and watching the other guy and figuring out what is going to happen is more akin to diplomacy than storming in and taking what you get. Sounds very reminiscent of the crap shooter we already have in office. Détente and negation be dammed; my way or the highway. And we certainly can see how well that has worked out.
One more thing to keep in mind as you view the daily comings and goings of the current banking crisis. Everyone wants to look back toward the great depression; but you don’t have to go back that far to another time when everyone was a bit nervous about their money. Just return to the eighties and the saving and loan crisis. One Mr. McCain can remember well I am sure, as can Mr. Bush who wasn’t the brother in trouble then! You know the Bush brother that kind of fell off the face of the earth the last eight years. Mr. McCain also can remember getting religion abut that time regarding helping friends who has run out of luck shuffling the deck as well.
If we add that the current Presidents experience of running his own companies into bankruptcy, we come up with a pretty experienced group of gamblers running or wanting to run the show. And after all, it’s the American people that are taking the biggest gamble of all!