Panic Button
October 26th 2009 Economy, General, Propaganda, Obama

Sometimes economic fundamentals get flushed by waves of hideously depressing non-economic data, and markets cease to care about anything but the train wreck that appears to unfolding in front of us. Then it’s time to go to cash. This is such a time for nemo.

Actually, my perception of economic fundamentals has been getting bleaker by the second, anyway. In spite of an alps of newly-minted cash, the possibility that producers may not be able to mandate pricing finally forces me to accept the possibility of long-term deflation, something I had not thought could happen in my lifetime, or yours either. Having overconsumed for so long now, and unable to leverage their assets or future earnings (if any), Americans may well dive into a savings frenzy of Japanese dimension. But that is not important now.

It is important that the nation is suddenly awakening to the possibility that the president has no real plan for anything whatsoever, and never did. He literally seems to be making it up as he goes along, and his strategy is to do nothing at all but procrastinate.

In the recent past, we have watched the White House and its branch offices gaze glassily past Iran, the Taliban, North Korea and Moscow in hot pursuit of their real enemy, which appears to be the dissenting media.

Economic policy, formerly the purview of rooms that at least contained Larry Summers, is now directed by a Chicago-hood playground pal named Valerie, and its focus is on the compensation levels of 200 people.

Joe Biden is the commander in chief.

The national health care bandaid will provide improved coverage for a group estimated at between 5 and 20 million people, some of whom are US citizens, at a cost of roughly an MRI machine per newly-covered patient.

The “most ethical Congress ever” — well….

And in the words of W. H. Auden:

“In the nightmare of the dark
All the dogs of Europe bark,
And the living nations wait,
Each sequestered in its hate….”

A deep and chilling foreboding pervades nemo’s soul. Let the market do what it will. We had previously said that however rosy the possibility of 14,000 might be, the risk was too great. When you think there’s a chance that the driver might be drunk, how hard is it to get you to get off the bus? Well, here’s the next stop. I suggest you disembark before this thing goes off a cliff.

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