Can Getting Osama Bin Laden Boost Confidence
Read more articles on Finance and Politics.October 8, 2008
Posted by neillevine
October 8, 2008
Posted by neillevine
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A check of Friday’s (October 3, 2008) closing stock prices shows most of them are in the dumps.
Starting from an alphabetic short list, AIG is around three dollars a share. They have been in the news recently so I won’t retoast stale bread but there are plenty of other examples.
Cablevision is around twenty one dollars. When Mr. Dolan was visiting with stockholders it was over thirty. The stock has, however, followed the rest of the market. Dell is around fifteen dollars due to the poor stock market and tough competition in the computer sector. Ford is around four dollars. General Motors is around nine. We know what happened here.
General Electric closed at 21.57, low for recent times. Microsoft is around twenty six dollars, Google under four hundred dollars and Yahoo sixteen.
I hope you get the picture. But I think it is clear that billions of dollars in the stock market have vanished. This is in addition to vanishing real estate and housing valuations and, as we have been reading, the banks and brokerage houses are in trouble, too.
So there is something wrong here. Monday’s, October 6ths, wild gyrations only confirm this observation. There are problems that take time to solve like the budget deficit. There are solutions that do not work like the three hundred dollar tax rebate that only worsened the deficit and appears to have increased imports. There are problems that are hard to solve like the ballooning national debt. There are problems that create problems like the falling real estate and stock markets. Some problems are problems no matter what, pure and simple.
In fact, the stock market is showing a lack of confidence in what is transpiring. Perhaps a little more forthrighness is needed. Something better than drilling for crude that will run out in twenty years and only increase global warming in the interim.
The lack of capital formation and the failure of business to make a profit are not helpful.
Tuesday was not good. Wednesday’s interest rate cut by the Federal Reserve was nice. Now people can now pay less to borrow more. This appears to be where the new economy is headed.
Along these lines, the turmoil in Pakistan is troubling. The Taliban and Al Qaeda are intent on wreaking havoc, creating a breeding ground to recruit malcontents and unfortunates to join them in their worship of murder and mayhem. The longer there is trouble in Pakistan the harder it is going to be to find a real world solution to such a problem. Similarly, the sooner the Afghan border is stabilized the better. Why not take a page from the Turks who decided to deal with Iraqi Kurd terrorists in a way they find satisfactory and raise the issue of Osama Bin Laden’s alleged haven in the lawless outer Pakistani provinces with that country’s Central government with an eye towards resolving the situation. Hopefully, the officials in Islamabad do not want Osama and this country does. Why not make a deal. Why not talk to the Pakistanis and see what can be done. Even a big cadre of sycophants in the Lawless Territories should not prevent our government from determining his exact location and making an eventual federal ruling on of what to do about his continuous demands for yeehah or jihad or whatever it is he really wants.
Is this asking too much to ask? Perhaps Washington can shoot some real holes in Osama’s notoriety and actually solve the problem. After all, peace and quiet is something the stock market should be able to thrive on.
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