As I watched the noon news crude has shot up $25 a barrel and the dollar is sinking against the euro faster then the Titanic. The financial solidity of this country is in deep kimchee, as the saying goes.
As I read the blogs I understand how little most of us understand the intricacies of what's going on. Worse, Congress, as is it's habit, has rushed into crisis mode and they probably know even less, collectively, than I do about all that's involved.
The last thing we need is Congress rushing in with all sorts of fixes until they figure out just exactly what needs fixed and I'm not sure they're the ones to do it anyway. Remember they're the ones who rushed Homeland Security into being and look at the mess that is.
I personally intend to take a deep breath and trust the financial professionals to sort it out. Yes. Without a doubt changes need to be made, regulations put back in place; but when Congress - mostly the Democrats at this point, come charging along threatening to limit executive salaries and bail out stupid people for acts of greed, they are treading on treacherous ground.
They cannot nor do they have the right, in my book, to dictate how corporations choose to compensate their people. Whether or not they can even rightfully limit rewards for non-performance is unclear. Given time and clear heads this will get sorted out.
Talking heads and Congressmen who have no more economic knowledge than McCain, by his own admission, would do us all a favor by proceeding with caution or as I said before, stepping back and letting the money people sort it out. The last thing we need is both sides politicizing it. That's part of the problem to begin with.