With our GOP-led Congress ready to throw our nation into yet another economic tailspin, I ran across this post from 5 years ago today. The U.S. Congress had just messed up their first attempt at bailing out Wall Street, and market players were in an absolute panic.
In a few words, after Congress failed to act on bailing out Wall Street (it was all tied to petty egos) the Dow Jones went into free fall mode. As I prepared breakfast my kids watched the market collapse in real time. While they didn't understand the dynamics behind the events unfolding before them they were amazed by the changing numbers on the TV.
In an attempt to help us understand what we can expect if the GOP continues with their petty gamesmanship past October 17, I'm re-posting how my kids saw the market meltdown on October 10, 2008 ...
As I was getting the kids ready for school this morning I had the TV on, watching market developments. The screen was full of numbers, with somber analysis. Curious, the kids asked what the numbers meant. I explained that the numbers represented what was being bought and sold in the country.
I didn't get into the details, and didn't have to because I used the Monopoly board game to make my point. They understood immediately (I thought, "Either I'm really good at explaining this, or they're smarter than I give them credit for ... I think it's the latter).
While I made their breakfast I was surprised because they stayed in front of the TV, commenting to each other as they watched the numbers go down. I asked them what they thought. Monica, referring back to the Monopoly example said, "It's like some body's stealing money from the bank." She's 10.
My son Sebastian chimed in, "It's like a big drain ..." I was caught by what he said next, "I would just take my piece and leave." He's 9.
This, in a nutshell, explains what's happening in the markets. People think they're getting ripped off. And they're right.
If world government leaders meeting in Washington this weekend don't get their act together - and it might be too late already - this could turn into a real panic. Then we'll be confronted with another suggestion my kids threw out - playing another game.
What GOP lawmakers don't seem to understand is that were it not for government intervention in the "private market" 5 years ago the market they think they are protecting today would not exist. Where the GOP wants to take us, in many respects, is where we were 5 years ago today.
It's one thing when government doesn't work. It's quite another when we make sure it doesn't work, then claim to stand on principle when, in fact, you simply don't want to honor constitutional processes, nor play by the rules any longer.
This is not principle. It's treason.
- Mark
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